Image:Avantus
Avantus, a US‑based independent power producer (IPP) that develops, owns and operates utility‑scale solar and energy storage assets, has closed a US$1.05 billion corporate credit facility, doubling its prior US$522 million facility secured in July 2024.
The expanded financing will underpin Avantus’ IPP strategy and speed up development of its solar and battery energy storage system (BESS) portfolio across California and the Desert Southwest. The company holds a 24 GW development pipeline, comprising 13 GW of solar capacity paired with 44 GWh of BESS.
“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 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.”
SMBC acted as administrative agent, collateral agent and lead arranger for the lending syndicate. Existing participants including ING Capital, HSBC, KKR and Truist Securities extended or boosted their commitments. New lead arrangers joining the facility are BHI (Bank Hapoalim), CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets and Natixis Corporate & Investment Banking.
The financing comes amid a string of project delivery milestones for Avantus. The Aratina 1 facility in Kern County, California reached commercial operation in July, featuring 200 MW solar plus 500 MWh BESS. The adjacent Aratina 2 project secured over US$525 million in construction financing. Meanwhile, the Rexford 2 project in Tulare County signed a 20‑year power purchase agreement (PPA); the asset will consist of 200 MW solar generation and 800 MWh BESS.
