Utility-scale solar and energy storage developer Avantus announced the closing of a $1.05 billion corporate credit facility.
The transaction represents a major expansion of the company’s capital structure, more than doubling its previous $522 million credit line secured in July 2024. The upsized capacity will directly support Avantus’ transition into an independent power producer (IPP) and fund the execution of its 24 GW development portfolio across core markets in California and the Desert Southwest.
The company’s pipeline consists of 13 GW of solar PV integrated with 44 GWh of battery energy storage system (BESS) capacity.
The financing package was backed by a syndicate of existing and new institutional lenders. SMBC acted as Administrative Agent, Collateral Agent, and Lead Arranger. Returning Lead Arrangers included ING Capital LLC, HSBC, KKR, and Truist Securities, Inc.
Six new financial institutions joined the syndicate as Lead Arrangers:
Placement agents for the transaction were KKR Capital Markets and EIG Capital Markets. Kirkland & Ellis LLP advised Avantus as legal counsel, while Milbank LLP represented the lender consortium.
“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 credit expansion follows a period of accelerated project delivery for the San Diego-based developer. Last month, Avantus brought online Aratina 1, a 200 MW solar and 500 MWh storage facility in Kern County, California.
The developer also recently closed more than $525 million in construction debt for the adjacent Aratina 2 project and secured a 20-year power purchase agreement (PPA) for the Rexford 2 project in Tulare County, California, which will feature 200 MW of solar paired with 800 MWh of battery storage.
Avantus stated it remains on track to bring 788 MW into commercial operation while maintaining 800 MW under active construction by the end of 2026. Backed by institutional investment from KKR and EIG, the company estimates its full development pipeline will ultimately produce enough dispatchable clean power to supply over 10 million homes
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