Southern Indiana Business Report
PETERSBURG – An Arizona energy developer has secured a $98 million tax equity commitment from Fifth Third Bank for two solar projects in Pike County.
Arevon Energy Inc.’s Ratts 1 and Heirloom Solar projects are currently under construction and will add 265 megawatts of energy to Pike County. A press release from Arevon reports that the two projects represent an investment of almost $400 million and will disburse more than $86 million to local governments over their lifetime, supporting schools, infrastructures and other local services.
The projects have employed about 200 full-time workers. Construction began in 2024. Ratts 1 and Heirloom Solar are expected to be up and running later this year.
“This is a great example of what happens when all the right pieces come together,” said Denise Tait, Chief Investment Officer at Arevon in prepared remarks. “We were proud to work with Fifth Third Bank and our other financing partners on all we have achieved across our projects’ financing packages. The Arevon team’s deep expertise and experience will enable us to continue to innovate on future financial transactions.”
“Fifth Third Bank was pleased to partner with Arevon on the tax equity financing commitment for the Ratts 1 and Heirloom Solar Projects,” said Jon Stark, Head of Renewables at Fifth Third Bank. “Supporting premier platforms like Arevon squarely fits our future growth, and we look forward to continuing to grow our relationship with Arevon as they continue to execute on their high-quality U.S. renewables pipeline.”
The Indiana Municipal Power Agency has signed a long-term power purchase agreement for the Ratts 1 project. Meta has secured a power purchase agreement for the Heirloom Solar project.
Arevon is growing its presence in Indiana. In 2024, the company announced the start of construction for the Posey Solar Project and the Gibson Solar Project.