Arevon Secures $120M Tax Equity for Illinois Solar

Arevon Energy's Big Muddy Solar project in Jackson County, Illinois, has secured a $120 million tax equity commitment from Wells Fargo Bank.

Updated on Nov. 3, 2026 in Utilities

Isometric editorial illustration of rows of dark teal solar panels across a flat open field, with a stack of mustard discs rising beside one array. — Arevon Energy secured a $120 million tax equity commitment from Wells Fargo Bank for its 124 MW Big Muddy Solar project in Jackson County, Illinois. AI Illustration. Upload story photo >

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Arevon Energy has secured a $120 million tax equity commitment from Wells Fargo Bank for its 124 MW Big Muddy Solar project in Jackson County, Illinois. The financing is Arevon's second tax equity transaction with Wells Fargo.

Why it matters

The tax equity structure allows Arevon to monetize the project's depreciation and investment tax credits, supporting the buildout of new solar capacity in Illinois. The deal adds to Arevon's track record of large project financings across several states.

Arevon's $120 million tax equity commitment comes on top of a $183 million debt package secured in February 2026 for the same project. The company reports $5.2 billion in completed project financings over the past several years, though the stub does not break out how much of that total is tax equity.

The players

Arevon Energy

Arevon Energy is a U.S. energy developer, owner, and operator that has completed $5.2 billion in project financings over the past several years.

Wells Fargo Bank

Wells Fargo Bank is a major U.S. financial institution that provided the tax equity commitment and has also financed a prior Arevon transaction.

The details

Arevon Energy, a U.S. energy developer, owner, and operator, secured the tax equity commitment from Wells Fargo Bank for Big Muddy Solar, which began construction in 2025 and involved more than 250 workers. Latham & Watkins served as sponsor counsel on the transaction.

Construction of Big Muddy Solar began in 2025.
A $183 million debt package was secured for the project in February 2026.
The tax equity commitment was announced on November 3, 2026.
Big Muddy Solar is scheduled to begin commercial operations by the end of 2026.

Market Landscape

Tax equity partnerships with banks such as Wells Fargo are the standard mechanism developers use to monetize federal investment tax credits and depreciation for solar projects. Arevon's repeat tax equity financing with Wells Fargo places its Big Muddy project within that established market structure.

For Illinois electricity customers, the Big Muddy project adds 124 MW of solar generation to the state's grid once it begins commercial operations, currently scheduled for the end of 2026. The financing itself does not change retail electricity rates or bills in the stub.

The takeaway

Large solar projects increasingly rely on layered financing, combining tax equity with construction and term debt, to reach completion. Tracking commercial operation dates will show whether Big Muddy Solar meets its end-of-2026 schedule.