The commitment adds to the more than $525 million in construction financing Avantus closed for the project last month with BBVA, CIBC and Santander.
“Tax equity is the final piece of financing Aratina 2 needs to complete construction and enter our operating portfolio later this year,” said Michael Joh, Senior Vice President, Project Finance at Avantus. “This is our second tax equity investment with Truist, reflecting their confidence in our strategy and our track record of delivering high-quality projects across California and the Desert Southwest.”
“Truist is pleased to finalize this second tax equity investment with Avantus and provide Aratina 2 with this important financing,” said Chris Nygren, Head of Tax Equity at Truist Bank. “Building on the foundation we established with Aratina 1, this transaction deepens a partnership rooted in our shared goals of building sustainable infrastructure that creates economic and environmental value for the region and beyond.”
Currently under construction and expected to be operational by the end of 2026, Aratina 2 will deliver 150 megawatts (MW) of solar generation and 452 megawatt-hours (MWh) of battery storage capacity to the California grid. Aratina 2 is creating more than 300 union construction jobs and will provide permanent operations and maintenance jobs throughout its operational life. The project has 15-year power purchase agreements (PPA) with Southern California Edison (SCE).
As an independent power producer (IPP), Avantus plans to operate and maintain a controlling stake in Aratina 2, the second phase of the Aratina Solar Center. Together with Aratina 1, the projects will total 350 MW of solar and 952 MWh of battery storage, helping California meet growing energy demand with clean, dispatchable power. In July, Aratina 1 achieved commercial operations.
Avantus is on track to bring 788 MW of solar and storage online by the end of 2026, with an additional 800 MW under construction. Its development pipeline totals more than 24 gigawatts of solar and storage capacity.
