Arevon Energy secures $120 million Wells Fargo tax equity deal for its 124 MW Big Muddy Solar Project in Illinois
Arevon Energy just closed a $120 million tax equity commitment with Wells Fargo Bank for its 124 MW Big Muddy Solar Project in Jackson County, Illinois. The deal was announced on October 27, 2026, marking the second tax equity transaction between the two companies. It also pushes Arevon’s total project financings past $5.2 billion over the last several years.
Arevon and Wells Fargo close $120 million tax equity deal for Illinois solar project
This commitment didn’t arrive in isolation. Back in February 2026, Arevon announced a $183 million debt package for the same project — and together, those two deals give Big Muddy Solar a substantial combined financing stack as it heads toward completion.
The fact that this is the second tax equity deal between the two companies says something. It signals confidence on Wells Fargo’s side and a consistent financing playbook on Arevon’s.
Arevon also developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.
Why the tax equity structure was used
Tax equity financing is a well-established tool in U.S. renewable energy. The basic logic works like this: a project like Big Muddy Solar generates significant federal tax benefits — investment tax credits and depreciation — but the developer might not carry enough tax liability to use them fully. A tax equity investor like Wells Fargo steps in, absorbs those credits, and takes a financial stake in return. The structure lets Arevon monetize tax attributes it couldn’t otherwise capture.
This isn’t a workaround. It’s how most utility-scale solar projects in the U.S. get financed.
Wells Fargo’s Renewable Energy & Environmental Finance division structured the deal. Andrew Kho, a Managing Director in that group, described it as part of an “expanding relationship” with Arevon — phrasing that suggests more transactions could follow.
Project construction progress and expected community impact
Big Muddy Solar broke ground in 2025, employing more than 250 workers during construction. Commercial operations are expected before the end of 2026.
The economic footprint extends well beyond the construction crew. Throughout the build phase, workers spending at local stores, hotels, and restaurants generated meaningful activity across the Jackson County area. Over the project’s operating life, Big Muddy Solar is projected to deliver more than $12.6 million in property tax payments — funds expected to support local schools, roads, and community initiatives.
Once operational, the facility should generate enough electricity to power more than 24,000 Illinois homes annually. At 124 MWdc, the output is real and the scale is utility-grade.
Denise Tait, Arevon’s Chief Investment Officer and Interim CFO, put it plainly: “Together, we remain focused on advancing American-made energy projects that create jobs, generate tax revenue for schools and local governments, and deliver long-term value for both our financial partners and host communities.”
Arevon’s broader Midwest expansion and company profile
Big Muddy Solar is Arevon’s first utility-scale project in Illinois, but it fits into a wider Midwest push that’s already delivering results. The company recently reached commercial operations at its 430 MWdc Kelso Solar Project in Missouri. In Indiana, the 264 MWdc combined Ratts 1 and Heirloom Solar Projects are operational and picked up the 2025 Proximo North America Solar Deal of the Year award. Arevon also developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.
Illinois has more in the pipeline too. Arevon has secured three 20-year renewable energy credit contracts for its Panther Energy Project — a 200 MWac/275 MWdc facility currently under development in the state.
Nationally, Arevon owns and operates more than 6.3 gigawatts of solar and energy storage projects across 18 states, with 370 MW of new capacity under construction and what the company describes as a robust development pipeline. Headquarters are in Scottsdale, Arizona, with a regional office in New York City.
What this deal means for Big Muddy Solar’s path to completion
The $120 million tax equity commitment fills a key piece of Big Muddy Solar’s financing structure. Paired with the $183 million debt package closed earlier in 2026, the project now has the capital it needs to reach commercial operations before year-end.
For Arevon, this adds another data point to a track record of closing complex transactions at scale — more than $5.2 billion in cumulative project financings over recent years. For Wells Fargo, it deepens a partnership that has now produced two tax equity deals with the same developer.
When Big Muddy Solar comes online, it’ll be Arevon’s first operational utility-scale project in Illinois, delivering clean electricity to more than 24,000 homes and starting to generate the property tax revenue that Jackson County communities are counting on.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
