Avantus announced it has closed more than $300 million in construction financing for the Kitt Solar and Energy Storage Project in Arizona. The financing was arranged with Banco Bilbao Vizcaya Argentaria (BBVA) and Canadian Imperial Bank of Commerce’s New York branch (CIBC).
The Kitt project is located in Pinal County within the City of Eloy, Arizona. It will feature 100 MWac (130 MWdc) of solar generation capacity along with a 400 MWh battery energy storage system. The financing package includes construction funding, a tax equity bridge loan, and letters of credit.
Currently under construction, the project is expected to create up to 500 construction jobs and is targeted to reach commercial operations by the end of 2026.
Once operational, the project will have the capacity to serve up to 32,000 homes in Arizona through a power purchase agreement with Arizona Public Service (APS). The integrated battery storage system will store solar energy generated during the day and deploy it during peak evening demand periods or extreme weather events, helping strengthen grid reliability as electricity demand rises across the state.
The project is also expected to generate more than $25 million in local tax revenue throughout its lifetime, benefiting schools, infrastructure, and public services in the surrounding communities.
Engineering, procurement, and construction services are being provided by RES. The battery energy storage system will utilize Fluence’s Gridstack Pro technology for battery integration.
Avantus develops, owns, and operates utility-scale clean energy projects across California and the Desert Southwest. The company’s development pipeline includes approximately 24 GWdc of solar capacity and 75 GWh of energy storage projects across the western United States. According to the company, its portfolio has the potential to deliver dispatchable clean energy to about 17 million Americans.
Support: White & Case LLP served as borrower’s counsel on the transaction, with Fennemore Craig, P.C. acting as local counsel. Akin Gump LLP represented the financing parties, with Quarles & Brady LLP serving as local counsel.
KEY QUOTES:
“The financing demonstrates the continued bankability and commercial viability of utility-scale solar and storage projects in the region, and Avantus’ growing presence in Arizona. We’re grateful for BBVA and CIBC’s partnership in bringing this critical infrastructure to Arizona at a time when the state navigates mounting pressure on its electric grid.”
Cliff Graham, CEO Of Avantus
“We are proud to support Avantus in delivering critical clean energy infrastructure at a pivotal moment for Arizona’s power system. This financing highlights BBVA’s ability to structure and deliver comprehensive capital solutions for complex, utility-scale solar and storage projects, ensuring disciplined execution during construction. By partnering with Avantus on projects of this scale, BBVA continues to deploy its project finance expertise to back infrastructure that enhances grid resilience and supports sustained power demand growth in key U.S. markets.”
Eugene Kasozi, Managing Director In Charge Of The Cleantech Sector For BBVA
“We are pleased to have supported the financing with Avantus on a project that reflects our shared commitment to advancing reliable and sustainable infrastructure. The facility will deliver meaningful benefits to the local community, while strengthening grid reliability and meeting the region’s power demand.”
Ines Serrao, Managing Director And Co-Head Of U.S. Project Finance & Infrastructure At Canadian Imperial Bank Of Commerce
