Arevon and Meta Announce Long-Term Contracts for 349 Megawatts of New Solar Energy

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Mar 05, 2024, 06:30 ET

NEW YORK and SCOTTSDALE, Ariz., March 5, 2024 /PRNewswire/ -- Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, and Meta Platforms, Inc. (NASDAQ: META) have signed two long-term Environmental Attributes Purchase Agreements (EAPA) for the Kelso Solar Project in Scott County, Missouri.

The Kelso Solar Project will generate 349 megawatts (MWac) of power and will help support Meta's operations in the region with 100% renewable energy.

"We meet 100 percent of our energy demand with renewable power, and we continue to invest in clean energy projects as we grow. This partnership with Arevon decarbonizes our operations and contributes to a more sustainable, resilient energy infrastructure," Urvi Parekh, Head of Renewable Energy at Meta said.

Arevon will own and operate the Kelso Solar Project, which will provide a myriad of economic benefits in the power plant's vicinity including more than 450 full-time equivalent construction jobs and five permanent jobs to operate and maintain the project throughout its multi-decade lifespan. Land leases with local landowners will generate millions of dollars in annual revenue, and the solar facility will disburse more than $34 million to local governments over the life of the project, with nearly $28 million contributed to area schools. Construction activity, and the project's continued operations, will bring about an increase in money spent at local businesses including stores, restaurants, and hotels.

"Through its Kelso Solar Project, Arevon is pleased to contribute to Meta's goal of having its global operations supported by 100 percent renewable energy," Kevin Smith, Chief Executive Officer at Arevon said. "We appreciate the opportunity to collaborate with Meta to help in meeting their admirable sustainability targets and accelerate the country's energy transition."

The first phase of the Kelso Solar Project is anticipated to start operations in Q4 2025, with the second phase following shortly after in Q1 2026.

About Arevon

Arevon Energy, Inc. is a leading renewable energy company, supplying clean energy to utilities and corporations across North America. Headquartered in Scottsdale, Arizona, and New York City, Arevon uses innovative approaches and leading-edge technology to develop, build, finance, own, and operate clean energy projects. Arevon owns and operates more than 3,500 megawatts (MW) of solar, storage, and solar + storage hybrid assets and is currently constructing more than 1,000 MW of new capacity. Arevon has a robust portfolio of more than 6 gigawatts of projects in development which will enable the company to provide more clean, cost-effective energy to homes and businesses. Its financial strength, innovation, and industry expertise come together to improve the structure and performance of its platform of solar and energy storage power plants. Arevon was named one of Arizona's Top Workplaces in 2022 and 2023. For more information, please visit: www.arevonenergy.com.

SOURCE Arevon