Arevon Energy secures long-term contracts for Panther Energy Project

Arevon Energy has secured three 20-year contracts for its Panther Energy Project, a 200 megawatt solar development in Perry County, Illinois. The agreements were signed with utilities Ameren Illinois, ComEd, and MidAmerican Energy under the state's Climate and Equitable Jobs Act.

The project was selected in the Illinois Power Agency’s Summer 2026 Indexed Renewable Energy Credit procurement, which was approved by the Illinois Commerce Commission. This procurement is a mechanism of the Climate and Equitable Jobs Act, enacted in 2021, which introduced indexed REC pricing for large-scale renewable energy purchases.

Contracts signed with three major Illinois utilities

Arevon Energy, Inc. signed three separate 20-year Indexed Renewable Energy Credit agreements for the Panther Energy Project. The contracting utilities are Ameren Illinois Company, Commonwealth Edison Company (ComEd), and MidAmerican Energy Company. Under the procurement, the project was selected to supply 421,131 Renewable Energy Credits in its first year of operation, which will be divided among the three companies to help them meet their Illinois Renewable Portfolio Standard obligations.

Project details and local impact in Perry County

The Panther Energy Project is a 200 MWac, or 275 MWdc, solar facility located in Perry County. Construction is scheduled to begin in 2027, with commercial operations anticipated following completion in 2028.

Once operational, the project is expected to generate enough electricity to supply more than 37,000 homes across Illinois. Construction activities are projected to create approximately 200 jobs. Over its operational lifetime, the facility is estimated to generate around $20 million in property tax revenue for the local area. Arevon has established a local office in Pinckneyville.

Tommy Greer, the Chief Commercial Officer at Arevon Energy, said: "We appreciate the collaboration of Perry County residents, landowners and local officials throughout the project's development."

Broader context: Arevon’s Midwest expansion and regional solar progress

The Panther project forms part of Arevon’s strategy to expand its renewable energy portfolio across the Midwestern United States. The company is nearing completion of the 124 MWdc Big Muddy Solar Project in Jackson County, Illinois.

Arevon recently began operations at its 430 MWdc Kelso Solar Project in Missouri and is advancing two projects in Indiana: the Ratts 1 and Heirloom Solar Projects, which have a combined capacity of 264 MWdc. These Indiana projects were recognised with the 2025 Proximo North America Solar Deal of the Year award. Arevon previously developed and managed construction of the Gibson and Posey Solar Projects in Indiana, with capacities of 251 MWdc and 228 MWdc respectively.

Role of Indexed RECs in utility compliance and developer certainty

The Indexed REC mechanism is designed to provide greater long-term revenue certainty for renewable energy developers like Arevon. For utilities, the credits acquired contribute towards meeting mandatory obligations under the state's Renewable Portfolio Standard.

As part of the same procurement process, the Illinois Commerce Commission approved contracts covering approximately 1.55 gigawatts of new renewable energy capacity. This batch includes four utility-scale solar projects with a combined capacity of 740 MWac. In a related financial move, Arevon secured a $183 million debt package in February 2026 to support the Panther project's construction.

Construction on the Panther Energy Project is scheduled to begin in 2027, with commercial operations anticipated following completion in 2028.