Former Bank of America principal brings 15
years of financing experience to Arevon
NEW
YORK and SCOTTSDALE,
Ariz., July 8, 2024 /PRNewswire/ -- Arevon
Energy, Inc., a leading renewable energy developer, owner, and
operator, announced that Nimmi Kavasery has joined as Managing
Director of Project Finance based in Arevon's New York office. Kavasery brings 15 years of
financing experience to this role, including more than a decade of
expertise in clean energy project finance, developed during her
tenures at Bank of America and GE Capital – Energy Financial
Services.
Kavasery most recently worked at Bank of America as a Director
in the Global Sustainable Finance Group, where she co-led the
Bank's tax credit syndication desk. Before that, she spent eight
years as a Senior Vice President in Bank of America's Renewable
Energy Finance practice, where she focused on tax equity
investments by the bank. Prior to her tenure at Bank of America,
Kavasery was an Assistant Vice President at GE Capital – Energy
Financial Services.
In her new role as Managing Director of Arevon's Project
Finance team, Kavasery will manage the negotiation and execution of
project financings and structure tax equity partnerships. Kavasery
will work under the management of Denise
Tait, Arevon's Chief Investment Officer, who joined the
company's New York office in April
and leads Arevon's financing and investment activities.
"Nimmi has a distinctive set of industry-specific skills and an
impressive track record, having closed clean energy transactions
with a total value exceeding $2.5
billion," said Tait. "As a leader in climate finance, Arevon
is constantly expanding its diversified portfolio, and Nimmi will
add critical experience and help propel our expansion."
Kevin Smith, Arevon's Chief
Executive Officer added, "We are excited to bring Nimmi's expertise
to Arevon as a valuable addition to our Finance team. Her knowledge
across the financing spectrum, especially on tax credit transfer
structures, is a welcome addition to our team."
Arevon has announced numerous large-scale project deals in
recent months, resulting in a total of more than $2.3 billion in financing. These include a
$529 million financing package for
the Vikings Solar-plus-Storage Project; a $350 million preferred equity, debt, and ITC
transfer financing for the Condor Energy Storage Project; a
$1.1 billion tax equity commitment
and debt financing including a construction-to-term loan, a tax
equity bridge loan, and letter of credit facilities for
the Eland 2 Solar-plus-Storage Project; and a $352 million financing package for the Posey
Solar Project. Arevon anticipates multi-billion-dollar project
financing deals to continue on an annual basis.
"I am thrilled to have the opportunity to work with Arevon, a
company with notable project finance
achievements, well-established partnerships, and a tremendous
Executive team led by Kevin, Denise, and Chief Financial Officer
Bob Krakauer," said Kavasery.
"Arevon is an industry leader in executing innovative financing
transactions, as well as developing and operating sustainable
assets. I am excited to work with the company to continue building
on that reputation of success and excellence."
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 4,000 megawatts (MW) of solar, storage, and
solar + storage hybrid assets across the country and 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.
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