Arevon Energy, Inc. has secured a $400 million green loan fund credit facility from Canadian Imperial Bank of Commerce (CIBC) and KeyBank N.A. to finance development of a 6 gigawatt (GW) solar and storage pipeline of projects in the Midwest, Southeast, and California. This funding coincides with the one-year anniversary of Arevon’s launch, cementing the company’s financial prowess in the renewable energy sector.
“The scale of this capital reaffirms Arevon’s place in the finance community as one of the fastest-growing renewable independent power producers in the country,” said Brian Callaway, Arevon’s Chief Financial Officer. “Complex financial engineering and access to facilities like this are a key part of our competitive advantage.”
The two-year facility has an innovative hybrid borrowing base, consisting of uncalled capital with an additional net asset value component. Canadian Imperial Bank of Commerce led the transaction and served as the Administrative Agent and Green Structuring Coordinator, while KeyBanc Capital Markets served as a Joint Lead Arranger.
“We are grateful for our banking partners who confidently support our mission to find modern solutions that drive the clean energy transition across the nation,” said Margaret Fischer, Arevon’s Treasurer.
“As part of our commitment to help our clients achieve their sustainability ambitions, we are proud to partner with Arevon and bring our structuring expertise in fund finance to support its first green loan hybrid fund facility,” said Edward Turowski, Head of U.S. Fund Finance, Corporate Banking, CIBC. “This is another way we are enabling growth into new areas of the economy while fostering long-term sustainability.”
Stoel Rives represented Arevon as legal counsel and Mayer Brown served as lender counsel.
