KKR Acquires Majority Stake In Avantus

By Amit Chowdhry • Mar 24, 2024

Global investment firm KKR announced the signing of a definitive agreement under which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects. Following the closing of the deal, KKR and existing investor EIG, a leading institutional investor in the global energy and infrastructure sectors, will be the sole equity investors in Avantus.

Both the equity sponsors are dedicated to support the next phase of growth for Avantus, including having put together commitments for a substantial development financing facility along with their equity commitments to the company, totaling upwards of $1 billion.

Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track record of successful development within the southwestern U.S. and California power markets. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.

Following the transaction’s closing, KKR will support Avantus in creating an equity ownership program that will allow all employees to participate in the company’s benefits. Since 2011, KKR’s portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.

With 15+ years of experience in infrastructure investing, KKR has expertise in renewable energy and climate-related investments and has invested over $15 billion in this sector from its infrastructure platform alone. And KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy.

Jefferies LLC acted as the sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the company. And Scotiabank served as financial advisor to Avantus.


“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers. We are delighted to support Avantus in realizing its full potential.”

– Charlie Gailliot, Partner and Co-Head of Global Climate Strategy, KKR

“We look forward to working with Avantus and EIG and leveraging KKR’s substantial resources and operational expertise to accelerate the growth of the business. Today marks the beginning of a new era for the company, one that will help further the transition of the power sector through sustainable, clean energy solutions.”

– Cecilio Velasco, Managing Director in KKR’s Infrastructure team

“EIG has been pleased to support Avantus since 2021, through capital solutions uniquely tailored to the company’s needs and goals. Throughout our partnership, Avantus has maintained and extended its position as one of the leading and most innovative renewables developers in the United States, helping to spur the industry’s rapid growth and expanding access to affordable, reliable and clean energy. We are excited to continue working with the Avantus team and are pleased to welcome KKR as we pursue the next phases of Avantus’ growth and evolution.”

– Blair Thomas, EIG Chairman and CEO

“Solar is the fastest growing electricity source in the U.S.2, and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable and resilient. KKR’s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States. We are thrilled to embark on this new chapter with KKR and EIG and continue our company’s growth.”

– Patrick Goff, Chief Financial Officer at Avantus