Avantus has secured a USD 300 million tax equity commitment from Truist Bank for its Aratina 2 project in Kern County, California, completing the capital structure needed to bring the 150-megawatt solar and 452-megawatt-hour battery energy storage facility to commercial operation by the end of 2026.

Final Financing Piece Falls Into Place

The tax equity commitment, announced, follows more than USD 525 million in construction financing that Avantus closed for the project last month with BBVA, CIBC and Santander. Together, the two financing tranches complete the capital package for Aratina 2, which is currently under construction in California's Kern County.

Michael Joh, Senior Vice President of Project Finance at Avantus, described the tax equity as the final element the project required. "Tax equity is the final piece of financing Aratina 2 needs to complete construction and enter our operating portfolio later this year," Joh said.

"This is our second tax equity investment with Truist, reflecting their confidence in our strategy and our track record of delivering high-quality projects across California and the Desert Southwest."

The transaction marks the second time Truist and Avantus have partnered on a tax equity investment, having previously worked together on Aratina 1. Chris Nygren, Head of Tax Equity at Truist Bank, cited that prior relationship as a foundation for the current deal.

"Building on the foundation we established with Aratina 1, this transaction deepens a partnership rooted in our shared goals of building sustainable infrastructure that creates economic and environmental value for the region and beyond," Nygren said.

Project Specifications and Timeline

Aratina 2 is designed to deliver 150 megawatts of solar generation capacity alongside 452 megawatt-hours of battery storage to the California grid. The project is expected to reach commercial operations before the close of 2026.

During construction, the project is creating more than 300 union construction jobs, and the facility will provide permanent operations and maintenance positions throughout its operational life.

Avantus is operating Aratina 2 as an independent power producer and plans to maintain a controlling stake in the project. The company has secured 15-year power purchase agreements with Southern California Edison for the project's output.

Combined Aratina Solar Center Scale

Aratina 2 represents the second phase of the broader Aratina Solar Center. Aratina 1, the first phase of the development, achieved commercial operations in July 2026.

When both phases are considered together, the Aratina Solar Center totals 350 megawatts of solar generation and 952 megawatt-hours of battery storage capacity, with Avantus positioning the combined output as a source of clean, dispatchable power for California's grid.

Avantus Buildout Accelerates Across California and the Desert Southwest

The Aratina 2 financing close fits within a broader construction push that Avantus is executing across its core markets. The company says it is on track to bring 788 megawatts of solar and storage online by the end of 2026, with an additional 800 megawatts currently under construction across its portfolio. The company's total development pipeline stands at more than 24 gigawatts of solar and storage capacity.

To fund that expansion, Avantus recently closed an upsized USD 1.05 billion corporate credit facility. The company has also announced the signing of a 20-year power purchase agreement for Rexford 2, a 200-megawatt solar and 800 megawatt-hour storage project located in Tulare County, California.

Avantus is backed by strategic investment from KKR and EIG. The company describes itself as a developer, owner, and operator of utility-scale clean energy projects across California and the Desert Southwest, with a development pipeline it says would generate enough dispatchable power to serve more than 10 million Americans around the clock.

Legal Representation

White and Case served as legal counsel for Avantus on the Aratina 2 tax equity transaction. Milbank LLP represented Truist Bank.

Powering Your Pipeline: Smarter Intelligence for North America's Energy Buildout

How much opportunity in the United States power sector is slipping past your team simply because the intelligence isn't there when you need it? From grid modernization initiatives to large-scale renewable installations, the project landscape is moving faster than ever, and staying ahead requires more than periodic reports or manual research.

The Global Project Tracking (GPT) platform by Blackridge Research brings the full lifecycle of power sector projects into a single, continuously updated intelligence environment. Whether your focus is utility-scale solar, battery storage, transmission infrastructure, or conventional generation, you get the structured data needed to act with confidence across every stage of development.

Teams operating across the United States rely on the GPT platform to sharpen their market entry timing, identify competitive dynamics early, and build a more strategic view of regional energy investment trends before opportunities close.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See how the Global Project Tracking (GPT) platform by Blackridge Research can transform the way your team tracks power sector activity across the United States. Book a Free Demo today and explore the depth of coverage available to your organization.