Avantus, a San Diego-based developer, owner, and operator of utility-scale solar and storage projects, has closed a USD 1.05 billion corporate credit facility, doubling the USD 522 million facility the company put in place in July 2024.

The upsized financing is aimed at advancing the company's independent power producer strategy and accelerating project execution across California and the Desert Southwest, where energy demand continues to rise.

A Doubled Capacity With Broadened Lender Support

The new facility draws on a consortium of both existing and new lenders. SMBC serves as Administrative Agent, Collateral Agent and Lead Arranger on the deal.

Prior Lead Arrangers ING Capital LLC, HSBC, KKR and Truist Securities extended or upsized their existing commitments, while BHI (Bank Hapoalim), CIBC, KeyBanc Capital Markets Inc., Mizuho, National Bank of Canada Capital Markets and Natixis Corporate and Investment Banking joined as new Lead Arrangers.

KKR Capital Markets and EIG Capital Markets served as placement agents on the transaction. Kirkland and Ellis served as legal counsel to Avantus, and Milbank served as legal counsel to the lenders.

The participation of a broadened institutional base reflects what the company describes as deep conviction in its platform. Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, said the financing would give the company flexibility to move 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," Karar said.

A 24-Gigawatt Pipeline Anchored in the Desert Southwest

Avantus currently holds a development pipeline totaling 24 gigawatts of system capacity. Within that pipeline, 13 gigawatts of solar are integrated with 44 gigawatt-hours of storage. The company says its portfolio of solar with integrated storage will generate enough dispatchable power to serve more than 10 million Americans around the clock.

Backed by strategic investment from KKR and EIG, Avantus has been building out its position as an independent power producer for more than a decade, with operations concentrated in California and the Desert Southwest. The fresh corporate credit facility is intended to provide the financial foundation necessary to bring that pipeline to scale.

Chief Executive Officer Cliff Graham said the financing signals confidence from the company's strategic partners in its ability to execute and grow. "It gives us the financial strength and scale to deliver the affordable, reliable power millions of Americans depend on," Graham said.

Recent Project Milestones Underscore Execution Momentum

The facility closing follows a stretch of activity on the project side that Avantus says reflects the momentum behind its IPP strategy. Last month, the company announced the commercial operation of Aratina 1, a 200 megawatt solar and 500 megawatt-hour energy storage project located in Kern County, California.

Adjacent to that facility, Avantus recently closed more than $525 million in construction financing for the Aratina 2 project. The company also signed a 20-year power purchase agreement for the Rexford 2 project in Tulare County, California. That project is designed to deliver 200 megawatts of solar capacity paired with 800 megawatt-hours of energy storage.

Avantus said it is on track to bring 788 megawatts into commercial operation by the end of 2026, with an additional 800 megawatts currently under construction.

Together, those figures underscore the pace at which the company is moving projects through its development and construction pipeline as it transitions further into an owner-operator model.

Corporate Financing Reflects Broader Institutional Appetite for Clean Energy Infrastructure

The scale of the facility and the number of lenders involved point to sustained institutional appetite for corporate-level financing structures in the utility-scale renewable energy sector.

By securing a corporate credit facility rather than relying solely on individual project financing arrangements, Avantus gains the flexibility to allocate capital across its portfolio without being constrained by the financing timelines of individual assets.

The facility structure allows the company to bridge development activities and construction phases across multiple projects simultaneously, supporting the kind of parallel execution necessary to meet a 24-gigawatt pipeline target within a competitive timeframe.

The company's pipeline and its recent commercial milestones come at a moment when demand for grid-scale clean energy capacity in California and the broader Southwest continues to be driven by electrification trends, data center growth and state-level clean energy mandates. Avantus has positioned itself to capture a meaningful share of that demand through integrated solar and storage assets capable of delivering dispatchable power on a utility scale.

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