Michelle Fayette, executive director, Kenny Rogers Children’s Center;
Mayor Jim Simmons, City of Benton, Missouri. Courtesy: Arevon Energy
The impacts of President Trump’s tariff boondoggle are starting to ripple into American living rooms. It’s not just warnings from the ports or canaries chirping in some far-off bonds and securities coal mine anymore. Things are getting real, even for the mightiest among us.
Apple estimates, assuming no one sticks any more twigs into the bike chain of the U.S. economy, that Trump’s tariff actions will cost the company $900 million in the next quarter. That’s a staggering amount of money, especially considering Tim Cook and company had the foresight to diversify manufacturing to multiple Southeast Asian countries. According to at least one reputable financial institution, Apple may raise prices by 20% on some products to make up the difference, but you can bet your AirPod Pros that making stuff in the United States isn’t on the table.
Which brings up a point I never see addressed by those thumping their chests over America’s self-imposed “liberation” from world trade: the decision to change up a supply chain is not a binary one. It’s not “make it in China or make it in the United States.” It’s more like “make it in China, and if it’s not cost-effective to do so, go to the next-best option.”
And frankly, dear reader, without the proper incentive structures to bring manufacturing at scale stateside, the U.S. will usually be pretty far down the list. The Inflation Reduction Act and associated advanced manufacturing tax credits are the closest thing we’ve got (and they’re working!), but the torches and pitchforks are coming for them, and they might look a lot different come dawn.
I don’t know what comes next. Neither do people who are making a lot more money than I am. Some global companies, including major automakers Mercedes-Benz and Stellantis, have decided they aren’t even going to try to issue projections for now.
While we cover our heads and wait for more rocks to roll downhill, here are some of the biggest energy finance and project development stories from this past week, persevering like little marigolds wriggling up through cracks in the concrete, each one. Be good to each other, and we’ll catch you Monday.
Arevon Energy Moves Dirt in Missouri
Scottsdale, Arizona-headquartered Arevon Energy has broken ground on the developer’s first utility-scale renewable energy project in Missouri (pictured above).
Kelso Solar 1 & 2, in Scott County, MO, have a combined nameplate capacity of 430 megawatts (MW). Arevon, which will own and operate the $500 million projects, expects the first phase to achieve commercial operations by the end of this year, and the second in the first quarter of 2026. Both phases are being constructed by engineering, procurement, and construction (EPC) services provider Primoris Services Corporation’s Renewable Energy business.
Kelso Solar should employ about 450 people during peak construction. The projects are estimated to disburse more than $34 million to local governments, supporting schools, infrastructure, and first responders.
What they’re saying: “Kelso Solar marks Arevon’s entrance into Missouri, and when operational, will boost the state’s installed solar capacity by almost 50 percent. This major project furthers Arevon’s growing presence in the Midwest region of the United States, which is a priority market for our company’s development activities,” said Kevin Smith, CEO of Arevon.
Arevon’s $1.1 billion+ Midwest expansion includes four other projects totaling 744 MW under construction in Indiana. Arevon owns and operates more than 4.5 gigawatts (GW) of renewable energy across 17 states, with another 1.9 GW under construction and a 6 GW development portfolio.
AsPen Power Completes a Sawbuck of Solar Projects
Distributed energy generation platform Aspen Power held a ceremony this week to celebrate the completion of ten new solar sites in Pennsylvania, representing the first tranche of Aspen’s multi-phase rollout in the state. With a combined capacity of 42.5 MW, or enough to power 8,500 homes each year, the projects will generate long-term rental income for local landowners and boost regional infrastructure.
Aspen Power CEO Jorge Vargas lauded his company’s progress toward a more affordable and resilient energy future at a time when electricity rates are increasing in Pennsylvania (and elsewhere).
What they’re saying: “We did a lot of research before leasing our land for solar and feel confident it was the right decision for our fourth-generation farm,” said Judy King, a Mercer County property owner. “It will provide a steady source of income, helping us plan for the future and preserve the land for the next generation. We are committed to put[ting] every dime back into this farm, while also supporting the economy by utilizing local businesses. We’re excited to play a part in something that strengthens Pennsylvania’s energy future.”
Aspen Power has developed or acquired more than 600 distributed generation renewable energy projects across 26 states.
Forge Nano scores $40 million for Battery and Semiconductor Manufacturing
Battery and semiconductor technology company Forge Nano has closed on $40 million in new funding, co-led by global investment firm RockCreek and Ascent Funds, a US-based global energy technology fund. Additional participants include Top Material, Orion Infrastructure Capital, and Forge Nano’s existing investors. With this latest raise, Forge Nano’s total capital investment now exceeds $140 million.
Forge Battery, the commercial lithium-ion battery production subsidiary of the company, will use the money to continue to scale its cell production in North Carolina, which utilizes a primarily American supply chain. New funding will also go toward advanced semiconductor equipment, including the TEPHRA platform, which claims to be the world’s fastest single-wafer semiconductor ALD coating tool with commercial throughput for 200mm wafers. Forge Nano says TEPHRA produces cutting-edge nano-coatings that can unlock chips with 40% faster processing speeds, with 50% reduced power consumption.
What they’re saying: “This capital allows us to build on our momentum in two crucial industries needed for U.S. manufacturing leadership – lithium-ion batteries and semiconductors. We look forward to expanding our domestic workforce as we scale our production capabilities and grow our customer base,” stated Paul Lichty, CEO of Forge Nano.
Forge Nano recently installed a new state-of-the-art battery manufacturing line and a cleanroom production facility for semiconductor ALD tool production, both located at its Colorado headquarters.
PIA (PIT) + DLC + IMG = Solar
In a partnership born at the bottom of an alphabet soup bowl, Pittsburgh International Airport (PIT) is teaming up with Duquesne Light Company (DLC) and IMG Energy Solutions to double the airport’s solar footprint.
How, you may be wondering? By adding 11,216 high-efficiency panels to an existing solar field atop a closed landfill, enabling the generation of an additional 4.7 MW of clean energy.
This brownfield solar expansion is the latest energy initiative at PIT that maximizes the use of its property, adding to a trailblazing 23 MW microgrid project launched in 2021 to completely power the airport with natural gas and solar energy. PIT soon plans to produce sustainable aviation fuel on-site, in part of an expansion set to be completed in 2027.
What they’re saying: “We are maximizing the use of airport assets for the betterment of the region – from air service to real estate development to energy innovation, and there’s more to come,” said Pittsburgh International Airport CEO Christina Cassotis.
“IMG is excited to build on the success of the Pittsburgh International Airport microgrid, which combines high-efficiency thermal generation with a utility-scale solar array, by more than doubling our existing solar energy production. Our expertise in thermal and renewable generation allows us to seamlessly integrate solar into critical infrastructure while meeting the evolving needs of our partners. This project reinforces our commitment to delivering flexible, high-performance energy solutions that provide reliable, low-emission power,” added Mike Brady, vice president of power generation execution at Liberty Energy, the parent company of IMG.
The expanded solar field will be owned and operated by IMG, with a commitment to supply 100% of its generated energy, along with the Renewable Energy Credits (RECs), to DLC. The project marks DLC’s first power purchase agreement.
Nexamp Refinances $340M, Covering 39 Solar Projects
National solar and energy storage developer and operator Nexamp has closed a $340 million private placement debt refinancing with PGIM Private Capital, the private credit business of global asset manager PGIM. The refinancing covers a portfolio of 39 solar farms in seven states, representing 150 MW of solar generation and 37 megawatt-hours (MWh) of storage.
The deal provides several long-term benefits to Nexamp, including confirmation of institutional investor interest in Nexamp/community solar. It also allows Nexamp, which has more than 1 GW of projects under construction or in operation, to streamline its reporting by consolidating its financial structure to support more efficient management of its growing portfolio of assets, the company says. A $107 million PPC Shelf Facility included in the deal provides flexibility to tap additional capital for future solar projects over the next three years.
What they’re saying: “We are pleased to partner with PPC on this important financing deal,” stated Zaid Ashai, CEO of Nexamp. “This financing provides long-term stability and ensures we remain focused on advancing the energy transition with sustainable, reliable, and cost-effective solutions.”
Swift Current Fires Up Largest Solar Facility East of the Mississippi
Swift Current Energy’s landmark 800 MW Double Black Diamond Solar project is now operating. Located 30 miles west of Springfield, Illinois, the site is the largest operating solar facility east of the Mississippi River.
Swift Current tapped into the domestic solar manufacturing supply chain to source most of the components for Double Black Diamond Solar. A majority of its 1.6 million solar modules were manufactured by First Solar in Ohio, and the racking was supplied by U.S.-based Nextracker, with a portion of key components manufactured locally in Chicago using 100% US-made steel. St. Louis-based McCarthy Building Companies, Inc. served as EPC.
Swift Current Energy started the greenfield development of Double Black Diamond Solar in 2018. The facility began producing power last year. Swift Current is the long-term owner and operator of the project. Tax equity for the project was provided by Google, and construction financing for the project was provided by Mitsubishi UFJ Financial Group (MUFG), Societe Generale, Truist, and eight other leading lenders.
What they’re saying: “Electricity demand in the U.S. is accelerating with new manufacturing load and tech needs,” noted Eric Lammers, CEO and co-founder of Swift Current. “Our Double Black Diamond Solar facility is an example of how we are utilizing U.S.-manufacturers and American workers to provide the energy needed to charge our country’s growth now.”
The City of Chicago is one of the largest American cities to source 100% of the power for its operations from renewable sources. About 70% of the power used for City facilities – including O’Hare and Midway airports – is sourced from Swift Current’s Double Black Diamond Solar project. Cook County, CVS Health, Loyola University Chicago, PPG, State Farm, and TransUnion are also sourcing power from the project via Constellation NewEnergy.
