Renewables
Arevon secures 20-year REC contracts for Illinois solar project
Arevon Energy has finalised three long-term renewable energy credit agreements for its upcoming solar facility in Illinois.
Key points
- Arevon Energy signed three separate 20-year REC agreements for the Panther Energy Project.
- The 200MWac facility was selected through the Illinois Power Agency's Summer 2026 procurement.
- Construction is slated to begin in 2027 with commercial operations expected in 2028.
What happened
US-based renewable developer Arevon Energy has concluded three 20-year indexed renewable energy credit contracts for the Panther Energy Project, located in Perry County, Illinois, according to Power Technology. The agreements involve Ameren Illinois, Commonwealth Edison and MidAmerican Energy.
The arrangement follows the selection of the 200MW-alternating current facility in the Illinois Power Agency's Summer 2026 procurement round. The Illinois Commerce Commission subsequently approved the contracts.
Project timeline and impact
Power Technology reported that building work on the solar installation is scheduled to commence in 2027, with final completion anticipated in 2028. Upon completion, the plant is expected to produce enough electricity to supply over 37,000 local homes.
During the construction phase, the development is projected to generate approximately 200 jobs. Over its operational lifespan, the project is anticipated to contribute about $20m in property tax revenues.
Regulatory background
Tommy Greer, chief commercial officer at Arevon, stated that the company appreciated the collaboration of local residents and officials to advance the development towards construction, as cited by Power Technology.
The procurement process operates under the framework of the state's Climate and Equitable Jobs Act passed in 2021, which established the indexed credit pricing model for large-scale renewables.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
27.8% of electricity in the world was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
