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Independent power producer Avantus has closed a $525 million financing package for its Aratina 2 solar-plus-storage project in Southern California, according to a company announcement. The project is currently under construction in eastern Kern County and will deliver 184 MW of solar photovoltaic capacity and 452 MWh of battery energy storage to the California grid, with commercial operation expected by the end of the year.
The financing package includes construction funding, a tax equity bridge loan, and letters of credit, secured with financing firms BBVA, Canadian Imperial Bank of Commerce, and Santander. Avantus has also secured a 15-year power purchase agreement for the project with utility Southern California Edison.
Aratina 2 is the second phase of the Aratina Solar Center, which combines a total of 350 MW of solar PV and 952 MWh of battery storage. Both Aratina 1 and Aratina 2 are part of the company’s IPP strategy, meaning Avantus will retain an ownership stake and operate the two projects.
An Avantus executive vice president of capital markets and M&A commented that the project demonstrates the company’s ability to develop and finance large-scale projects in one of the country’s most complex energy markets. Avantus is backed by global investor KKR, which acquired a majority stake in the company in 2024. The California-based IPP is advancing a development portfolio across its core markets of California, Nevada, and Arizona, comprising 13 GW of solar PV and 44 GWh of battery storage. The company forecasts it will reach its 5 GW target of operational assets by 2030, with 788 MW reaching commercial operation and 800 MW under construction by the end of the year.
Among its solar PV portfolio, the 159 MW Norton Solar Project in Texas completed construction this year. Japanese automaker Toyota Motor North America signed a virtual PPA for the entirety of that project’s output.
Financing of solar and energy storage projects will be a central topic at the Solar & Storage Summit USA event on 15-16 September in Garden Grove, California. The two-day event will cover FEOC compliance, post-safe-harbour economics, and the California market, among other topics. The event is co-located with the Battery Asset Management USA event.
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