Construction begins on 124 MW Big Muddy Solar | Projects Weekly
Kicking off this edition of Projects Weekly is Arevon’s 124 MW Big Muddy Solar Project in Illinois. Plus, we’re covering a new affordable housing community in Oklahoma City that will use a rooftop solar system to power common areas for residents. Also highlighted are two big financing deals from ForeFront Power and SolaREIT. Keep reading to learn more!
Arevon begins construction on Big Muddy Solar
Arevon Energy Inc. held a groundbreaking ceremony for its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois. The project will be able to produce enough domestic energy to power more than 24,000 homes when it achieves commercial operation at the end of 2026.
The company developed and will own and operate the Big Muddy Solar Project, which represents nearly $200 million in private investment and the company’s first utility-scale project in Illinois. Arevon partnered with Signal Energy to build the project, which will employ more than 250 workers, including from local labor organizations IBEW Local 702, IUOE Local 318, and Laborers’ International Union of North America Local Union 773. Big Muddy Solar is under a long-term virtual power purchase agreement with an unnamed U.S.-based multinational technology company.
Cool factor: Previously known as Campbell Solar, the project was renamed Big Muddy Solar to acknowledge the river that winds through Jackson County, and the project’s logo includes an outline of Murphysboro’s legendary Big Muddy Monster, a nod to local pride and history.
Not only will Big Muddy Solar generate abundant, affordable power, but it will also strengthen the local economy. More than $12.6 million in property tax payments will be disbursed over the life of the project, supporting schools, public safety, and community infrastructure.
Arevon hosted a milestone event on Nov. 18 to celebrate Big Muddy Solar’s construction and Arevon’s significant investment in Jackson County’s energy future. Attending alongside the Arevon team were public officials, community and business leaders, landowners, and other project stakeholders, including Kevin Smith, CEO at Arevon; C.J. Calandro, Jackson County Board chairman; Dawn McClerren, executive director at Murphysboro Chamber of Commerce; Matthew Hickam, regional superintendent of schools at Regional Office of Education #30; Brian Chapman, Jackson Growth Alliance chairman; and Justin Haney, Special Agent at Illinois State Police and Coordinator at Team Illinois Youth Police Camp. Jemma King, development manager at Arevon, served as Master of Ceremonies.
“Big Muddy Solar’s impactful investment delivers real value for businesses and families in Jackson County, and Arevon is pleased to be a part of this community for decades to come,” said Smith. “As we advance construction, we gratefully recognize the collaboration with area officials and the residents of Murphysboro, as well as the dedication of the local workers building our project. This facility will not only generate essential, domestically produced energy as electricity demand in the U.S. rises dramatically, but it will also strengthen the region through tax revenue and continued community engagement.”
Solar powers affordable housing community in Oklahoma
In other groundbreaking news, affordable housing developer Lincoln Avenue Communities (LAC) began construction on 267-unit community in Oklahoma City that will feature a rooftop solar installation to offset common area electricity use.
“LAC is proud to bring high-quality housing to Oklahoma City, which will create long-term access to affordable housing in one of the city’s most dynamic and growing areas,” said David Garcia, VP and project partner at LAC. “The Reserve at Chisholm Creek represents our continued commitment to building sustainable, inclusive communities, and we’re grateful to our public and private partners who helped make this project possible.”
Cool factor: The Reserve at Chisholm Creek will feature a mix of one-, two-, three-, and four-bedroom apartments with communal amenities including a swimming pool, playground, dog park, fitness center, and clubroom for resident gatherings. Units will feature stainless steel appliances, in-unit washers and dryers, and ample storage including coat and linen closets. The facility is LAC’s first ground-up construction project in the state of Oklahoma.
The Reserve at Chisholm Creek will lease its units to individuals and families earning up to 60% of the area median income (AMI). The development was financed with a 4% non-competitive Low-Income Housing Tax Credits (LIHTC), along with tax-exempt bonds and Oklahoma state low-income housing tax credits issued by Oklahoma Housing Finance Agency (OHFA). Chase Bank provided construction financing, Barings provided the permanent loan, and US Bank purchased the federal and state LIHTCs. Rosemann & Associates is the architect and CMS Willowbrook is the general contractor. The development will comply with Section 42 of the Internal Revenue Code and the Oklahoma Qualified Allocation Plan (QAP).
ForeFront Power closes 9th fund for DG energy
ForeFront Power has closed its ninth distributed generation fund, including a debt financing package with a consortium of leading financial institutions. The deal includes a partial equity sell-down of a 95 MW distributed generation portfolio to an unnamed investor.
“ForeFront Power’s ninth fund builds on the best features of our prior transactions, closing efficiency, flexibility, and repeatability, along with a market-leading cost of capital from reliable investors and lenders,” said Bryan Eckstein, CFO at ForeFront Power.
Cool factor: The investment tax credits from the portfolio, which spans four U.S. states and more than 100 behind-the-meter solar energy and battery storage projects, are subject to a $210 million purchase commitment from a separate counterparty. The combined, undisclosed capital from the debt financing, the partial equity sell-down, and the $210 million tax credit sale will enable ForeFront to advance construction of its development pipeline over the next two years while deploying cash to support continued platform growth.
“Closing this fund provides the certainty and stability required for ongoing distributed energy resource development for our customers and our shared communities,” added Eckstein.
MUFG Bank, Ltd. acted as lead arranger and administrative agent for the debt financing, with participation from collateral agent Cadence Bank, and additional co-lenders Sumitomo Mitsui Trust Bank and Mitsubishi HC Capital America.
“At a time of growing energy needs and rising electricity rates, ForeFront Power is a national leader in helping private companies and public agencies control electricity spending and bolster energy security through behind-the-meter solar and storage technologies,” said Takaki Sakai, Managing Director at MUFG.
SolaREIT surpasses $5 billion project value milestone
SolaREIT has surpassed a major industry milestone, providing real estate financing for more than 3 GW of renewable energy projects valued at more than $5 billion. The milestone coincides with the company’s five-year anniversary, marking a period of rapid growth and impact in clean energy deployment.
“From our first $134,000 deal to supporting more than $5 billion in project value, SolaREIT’s growth shows what’s possible when you stay focused on providing solutions developers need,” said Laura Pagliarulo, CEO and cofounder of SolaREIT. “We’ve proven it at scale, 3+ GW and counting. We have the experience and know-how to partner efficiently with developers and deliver results, even in tough markets. I couldn’t be prouder of the team we’ve built and am grateful for our partners’ trust.”
Cool factor: SolaREIT’s financing solutions are designed specifically for solar and energy storage developers and asset owners looking to monetize land or lease value, reduce lease costs, or create liquidity for interconnection, equipment, and development expenses.
“SolaREIT’s growth over the past five years is a testament to our disciplined capital deployment and the power of our focused strategy,” said Laura Klein, CFO/COO of SolaREIT. “By financing the land that underpins renewable energy projects, we’re accelerating development timelines for developers and helping them free up critical project capital. Reaching this milestone so quickly underscores the strength of our model and the vital role SolaREIT plays in accelerating the nation’s transition to clean energy.”
