Intesa Sanpaolo finances solar project in Illinois: $183 million for Big Muddy

by Ennio Bassi

The IMI Corporate & Investment Banking division returns to a leading role in the United States with a syndicated financing package for Arevon to support a 124 MWdc solar plant. Micillo: “The U.S. remains a strategic market for energy and infrastructure

Intesa Sanpaolo is strengthening its presence in the United States, once again by focusing on the energy transition. The bank’s IMI Corporate & Investment Banking division has led a $183 million syndicated financing package for U.S. developer Arevon, aimed at supporting the construction of “Big Muddy,” a 124 MWdc solar plant in Jackson County, Illinois.

Once completed, the project will help increase clean energy generation in the American Midwest, supporting the region’s decarbonization goals. The deal confirms the growing role of the Italian banking group in major international infrastructure and energy initiatives, at a time when the U.S. market continues to offer significant opportunities despite a broader climate of economic and political uncertainty.

Arevon, headquartered in Arizona, is one of the leading energy operators in the United States. The company owns and manages more than 6 gigawatts of solar and storage projects across 18 states, with a total investment value exceeding $11 billion, and is currently developing more than 600 megawatts of new capacity. In this context, Intesa Sanpaolo’s financial backing fits into a broader strategy aimed at supporting the expansion of renewable energy in one of the world’s most competitive markets.

Mauro Micillo, head of the IMI CIB division, said the transaction stems from the bank’s long-established presence in the United States and from the experience it has built in supporting large-scale infrastructure and energy projects. Intesa Sanpaolo, he explained, made its international platform and project finance expertise available, also acting as green loan coordinator and helping define the sustainability framework of the deal.

The Big Muddy financing is not an isolated case. In the United States, IMI CIB has already backed other major clean energy initiatives, including transactions for Greenbacker to develop Cider, the largest solar park in New York State, and the SunZia clean energy project between New Mexico and Arizona. This track record reflects the intention of the bank, led by Carlo Messina, to carve out a prominent role across the Atlantic.

According to Micillo, the United States remains one of the world’s most dynamic and strategic markets for energy and infrastructure investment. For Intesa Sanpaolo, the new deal therefore represents the continuation of a path built over the years through established relationships with industrial operators, investors, and international financial institutions. The U.S. market, he added, continues to offer significant opportunities also in the digital and infrastructure sectors, where the bank is already working on new initiatives.

The Illinois operation therefore confirms Intesa Sanpaolo’s international strategy: supporting projects considered strategic, connecting European capital with U.S. opportunities, and strengthening its position as a long-term financial partner in the global energy transition.

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