Arevon Hires Nimmi Kavasery as Managing Director of Project Finance

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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SOURCE Arevon