The expanded facility will advance Avantus' independent power producer strategy and accelerate the execution of its portfolio across core markets in California and the Desert Southwest. The company's development pipeline totals 24 gigawatts of system capacity, including 13 GW of solar integrated with 44 gigawatt-hours of storage.
“This financing is a clear signal of our strategic partners' confidence in our ability to execute and grow as an independent power producer,” said Cliff Graham, Chief Executive Officer of Avantus. “It gives us the financial strength and scale to deliver the affordable, reliable power millions of Americans depend on.”
“This upsized facility provides Avantus with the flexibility to advance our pipeline of high-quality solar and storage assets, moving projects swiftly from development into construction and operations,” said Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus. “The strong demand reflects deep institutional conviction in our platform, and we're grateful to be expanding and extending our relationships with leading firms long rooted in our sector.”
The financing follows a period of momentum for Avantus as it executes its IPP strategy. Last month, the company announced the commercial operation of Aratina 1, a 200 MW solar and 500 MWh energy storage project in Kern County, California.
It recently closed more than $525 million in construction financing for the adjacent Aratina 2 project, in addition to signing a 20-year power purchase agreement (PPA) for Rexford 2 in Tulare County, California, set to deliver 200 MW of solar and 800 MWh of energy storage. The company is on track to bring 788 MW into commercial operation with 800 MW under construction by the end of 2026.
KKR Capital Markets and EIG Capital Markets served as placement agents. Kirkland & Ellis served as legal counsel to Avantus and Milbank served as legal counsel to the lenders.
