Avantus has closed an upsized $1.05 billion corporate credit facility to support the development and construction of its utility-scale solar and energy storage portfolio across California and the Desert Southwest.
The new facility more than doubles the $522 million credit facility Avantus established in July 2024. The additional capacity will support the company’s strategy of developing, owning and operating clean energy projects as an independent power producer.
Avantus has a development pipeline totaling 24 gigawatts of system capacity. This includes 13 gigawatts of solar generation integrated with 44 gigawatt-hours of energy storage.
The lender group includes existing financial partners that extended or increased their commitments. SMBC serves as administrative agent, collateral agent and lead arranger.
Existing lead arrangers also include ING Capital, HSBC, KKR and Truist Securities. New lead arrangers joining the facility include Bank Hapoalim, CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets and Natixis Corporate & Investment Banking.
Avantus said the expanded facility will provide the financial flexibility needed to move projects more quickly from development into construction and commercial operation.
The financing follows several recent milestones for the company. Avantus announced the commercial operation of Aratina 1 in Kern County, California, in July 2026.
Aratina 1 combines 200 megawatts of solar generation with 500 megawatt-hours of energy storage.
Avantus also recently secured more than $525 million in construction financing for the adjacent Aratina 2 project.
The company separately signed a 20-year power purchase agreement for the Rexford 2 project in Tulare County, California. Rexford 2 is expected to provide 200 megawatts of solar capacity and 800 megawatt-hours of energy storage.
Avantus expects to have 788 megawatts in commercial operation and another 800 megawatts under construction by the end of 2026.
The company said its solar and storage development portfolio could ultimately provide dispatchable electricity to more than 10 million Americans.
Avantus is backed by strategic investments from KKR and EIG.
Support: KKR Capital Markets and EIG Capital Markets served as placement agents for the corporate credit facility. Kirkland & Ellis represented Avantus, while Milbank served as legal counsel to the lenders.
KEY QUOTES:
“This financing is a clear signal of our strategic partners’ confidence in our ability to execute and grow as an independent power producer. It gives us the financial strength and scale to deliver the affordable, reliable power millions of Americans depend on.”
Cliff Graham, CEO of Avantus
“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.”
“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.”
Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus
