November 24, 2025
Kick-off of this edition of Projects weekly is Arevon’s 124 MW Big Muddy Solar Project in Illinois. Additionally, we are supporting 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 major financing deals from ForeFront Power and SolaREIT. Keep reading to learn more!
Arevon begins construction of 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 becomes commercially operational in late 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 has a long-term virtual energy purchasing agreement with an unnamed multinational technology company in the US.
Cool factor: Formerly known as Campbell Solar, the project was renamed Big Muddy Solar to recognize the river that winds through Jackson County, and the project’s logo features a sketch of Murphysboro’s legendary Big Muddy Monster, a nod to local pride and history.
Big Muddy Solar will not only generate abundant, affordable energy, but it will also strengthen the local economy. Over the life of the project, more than $12.6 million in property taxes will be paid to support schools, public safety and community infrastructure.
Arevon hosted a milestone event on November 18 to celebrate the construction of Big Muddy Solar and Arevon’s significant investment in Jackson County’s energy future. In addition to the Arevon team, government officials, community and business leaders, landowners and other project stakeholders attended, including Arevon CEO Kevin Smith; CJ Calandro, chairman of the Jackson County Board of Directors; Dawn McClerren, executive director at the Murphysboro Chamber of Commerce; Matthew Hickam, Regional Superintendent of Schools at Regional Office of Education #30; Brian Chapman, president of the Jackson Growth Alliance; and Justin Haney, special agent with the Illinois State Police and coordinator at the Team Illinois Youth Police Camp. Jemma King, development manager at Arevon, was master of ceremonies.
“Big Muddy Solar’s impactful investment delivers real value to Jackson County businesses and families, and Arevon is excited to be a part of this community for decades to come,” said Smith. “As we continue construction, we gratefully acknowledge the partnership 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 vital, domestically produced energy as U.S. electricity demand rises dramatically, but it will also strengthen the region through tax revenue and continued community involvement.”
In other groundbreaking news, affordable housing developer Lincoln Avenue Communities (LAC) has begun construction on a 267-unit community in Oklahoma City that will feature a rooftop solar array to offset electricity consumption in the common area.
“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 Chisholm Creek Reserve represents our ongoing commitment to building sustainable, inclusive communities, and we are grateful to our public and private partners who made 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 club room for residents’ gatherings. Units feature stainless steel appliances, built-in washers and dryers, and ample storage, including coat and linen closets. The facility is LAC’s first ground-up project in the state of Oklahoma.
The Chisholm Creek Preserve will rent its units to individuals and families earning up to 60% of the area median income (AMI). The development was financed with a 4% Noncompetitive Low Income Tax Credit (LIHTC), along with tax-exempt bonds and Oklahoma State Low Income 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 involves a partial share sale of a 95 MW distributed generation portfolio to an unnamed investor.
“ForeFront Power’s ninth fund builds on the best features of our previous transactions, namely the efficiency, flexibility and repeatability of closings, along with market-leading costs of capital from trusted investors and lenders,” said Bryan Eckstein, CFO at ForeFront Power.
Cool factor: The investment tax credits from the portfolio, which includes four U.S. states and more than 100 behind-the-meter solar and battery storage projects, are subject to a $210 million purchase commitment from a separate counterparty. The combined undisclosed capital from the $210 million debt financing, partial equity sale and tax credit sale will enable ForeFront to advance the 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 needed for the continued development of distributed energy resources for our customers and our shared communities,” Eckstein added.
MUFG Bank, Ltd. acted as lead arranger and administrative agent for the debt financing, with the participation of 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 manage electricity expenditures and strengthen energy security through solar and behind-the-meter storage technologies,” said Takaki Sakai, Managing Director at MUFG.
SolaREIT surpasses $5 billion in project value milestone
SolarREIT has crossed 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 and marks 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 co-founder of SolaREIT. “We’ve proven it at scale, with over 3 GW and counting. We have the experience and knowledge to work efficiently with developers and deliver results, even in tough markets. I couldn’t be more proud of the team we’ve built and grateful for the trust of our partners.”
Cool factor: SolaREIT’s financing solutions are specifically designed for solar and energy storage developers and owners looking to monetize land or lease values, reduce leasing costs, or create liquidity for interconnection, equipment and development costs.
“SolaREIT’s growth over the past five years is a testament to our disciplined capital deployment and the strength of our focused strategy,” said Laura Klein, CFO/COO of SolaREIT. “By financing the land that supports renewable energy projects, we accelerate development timelines for developers and help them unlock critical project capital. Reaching this milestone so quickly underscores the strength of our model and the critical role SolaREIT plays in accelerating the country’s transition to clean energy.”
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