US independent power producer (IPP) Avantus has closed a US$1.05 billion corporate credit facility to support the company’s IPP strategy and accelerate the development of its solar and energy storage portfolio across California and the Desert Southwest.
Avantus currently has a 24GW development pipeline, including 13GW of solar paired with 44GWh of battery energy storage system (BESS). Prior to a 2022 rebrand, the company was known as 8minuteenergy Renewables.
“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 lending consortium comprises existing lenders that extended or increased their commitments, including SMBC, which served as administrative agent, collateral agent and lead arranger, alongside ING Capital, HSBC, KKR and Truist Securities. New lead arrangers include BHI (Bank Hapoalim), CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets and Natixis Corporate & Investment Banking.
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The financing follows a series of project milestones for the developer. In July, Avantus achieved commercial operation of the Aratina 1 project in Kern County, California, comprising 200MW of solar generation and 500MWh of battery energy storage.
The company also recently secured more than US$525 million in construction financing for the adjacent Aratina 2 project and signed a 20-year power purchase agreement (PPA) for the Rexford 2 project in Tulare County, California. Rexford 2 will comprise 200MW of solar generation and 800MWh of BESS.
Avantus said it remains on track to bring 788MW of capacity into commercial operation and have a further 800MW under construction by the end of 2026.
Avantus develops, owns and operates utility-scale solar and energy storage projects across California and the Desert Southwest, backed by strategic investments from KKR and EIG. The pair are Avantus’ sole investors, with KKR taking a majority stake in 2024.
This story first appeared on PV Tech.
