Arevon Energy, Inc. has signed three 20-year Indexed Renewable Energy Credit (REC) agreements with Ameren Illinois Company, Commonwealth Edison Company (ComEd) and MidAmerican Energy Company for its 200 MWac/275 MWdc Panther Energy Project in Perry County, Illinois, United States. The agreements represent a significant milestone in advancing the solar development and supporting Illinois’ renewable energy targets.
The Panther Energy Project is scheduled to begin construction in 2027, with completion anticipated in 2028. Once operational, the solar facility is expected to generate enough electricity to supply more than 37,000 homes across Illinois, contributing to the state’s clean energy transition and renewable electricity generation capacity.
The project is also expected to deliver economic benefits to Perry County and surrounding communities. Construction activities are projected to create approximately 200 jobs, while the facility is estimated to generate around $20 million in property tax revenue over its operational lifetime. These contributions are expected to support local schools, infrastructure development and other essential public services.
To strengthen community engagement, Arevon has established a local office in Pinckneyville, providing residents, landowners and other stakeholders with direct access to the Panther Energy project team during development and the upcoming construction phase.
The long-term agreements follow the project’s selection under the Illinois Power Agency’s (IPA) Summer 2026 Indexed REC procurement programme, which received approval from the Illinois Commerce Commission (ICC).
Under the procurement framework, the Panther Energy Project was selected to deliver 421,131 Renewable Energy Credits during its first year of operation. These credits will be distributed among Ameren Illinois, ComEd and MidAmerican through separate long-term agreements with each utility.
The Indexed REC mechanism is designed to provide greater long-term revenue certainty for renewable energy developers, supporting project financing and investment in new clean energy infrastructure. The renewable energy credits acquired by the utilities will contribute towards meeting their obligations under the Illinois Renewable Portfolio Standard.
The Summer 2026 procurement was conducted under Illinois’ Climate and Equitable Jobs Act (CEJA), enacted in 2021, which established the Indexed REC pricing framework for utility-scale renewable energy projects.
As part of the procurement process, the Illinois Commerce Commission approved contracts covering approximately 1.55 GW of new renewable energy capacity. This includes four utility-scale solar projects with a combined capacity of 740 MWac, reflecting continued investment in the state’s renewable electricity infrastructure.
Commenting on the development, Tommy Greer, Chief Commercial Officer at Arevon Energy, highlighted the importance of the agreements in advancing the Panther Energy Project towards construction. He acknowledged the cooperation of Perry County residents, landowners and local authorities throughout the development process and emphasised the project’s expected contribution to local employment, economic growth and reliable renewable electricity generation.
The Panther Energy Project forms part of Arevon’s broader strategy to expand its renewable energy portfolio across the Midwestern United States. The company continues to advance solar energy developments through project construction, operations and new investment opportunities.
Recent milestones in the region include the commencement of operations at Arevon’s 430 MWdc Kelso Solar Project in Missouri and the Ratts 1 and Heirloom Solar Projects in Indiana, which have a combined capacity of 264 MWdc. The Ratts 1 and Heirloom projects were recognised with the 2025 Proximo North America Solar Deal of the Year award.
In Illinois, Arevon is also nearing completion of its 124 MWdc Big Muddy Solar Project in Jackson County. Additionally, the company previously developed and managed construction of the 251 MWdc Gibson Solar Project and the 228 MWdc Posey Solar Project in Indiana on behalf of local utilities.
The latest agreements further strengthen Arevon’s position in the US renewable energy sector while supporting Illinois’ efforts to expand utility-scale solar generation and meet long-term clean energy commitments.
With construction expected to commence in 2027 and commercial operations anticipated following completion in 2028, the Panther Energy Project is positioned to contribute to renewable electricity supply, job creation and long-term economic development in Perry County.
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