Avantus (renewable energy company) has secured more than $525 million in construction financing from BBVA, CIBC, and Santander to advance its Aratina 2 solar and battery energy storage project in eastern Kern County, California.

The deal, announced, marks a significant milestone for the San Diego-based independent power producer as it pushes toward an ambitious 5 gigawatt capacity target by the end of the decade.

Deal Structure and Financial Partners

The financing package encompasses construction funding, a tax equity bridge loan, and letters of credit. The three lending institutions, BBVA, CIBC, and Santander, each contributed to the transaction, which was structured to support a project currently under construction and expected to reach commercial operation before the end of 2026.

Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, described the closing as a reflection of the company's ability to develop and finance large-scale projects in what he called one of the country's most complex energy markets. "BBVA, CIBC and Santander's participation reflects genuine confidence in our track record and our long-term strategy as an owner-operator," Karar said.

Eugene Kasozi, Head of Project and Infrastructure Finance North America at BBVA, characterized Aratina 2 as a high-quality infrastructure project suited to the evolving energy landscape in the United States, saying the bank was leveraging its project finance expertise to help deliver resilient, long-term energy solutions.

Anh Nguyen, Executive Director of Project Finance and Infrastructure at CIBC, pointed to the financing as support for efforts to meet increasing energy demand across the country.

Bart White, Global Head of Energy Structured Finance at Santander Corporate and Investment Banking, said the bank was proud to support Avantus as it continues to construct utility-scale renewable projects delivering clean power to regions with growing demand.

White and Case LLP served as legal counsel on the transaction, with Cox Castle and Nicholson LLP acting as local counsel. Akin Gump Strauss Hauer and Feld LLP served as counsel to the financing parties, with Holland and Knight LLP serving as their local counsel.

Project Specifications and Power Agreements

Aratina 2 will deliver 150 megawatts of solar generation capacity measured in megawatts alternating current, paired with 452 megawatt-hours of battery energy storage.

The project has signed 15-year power purchase agreements with Southern California Edison, securing a long-term offtake arrangement for the electricity generated at the site.

The project is the second phase of the broader Aratina Solar Center. When combined with Aratina 1, the full facility will total 350 megawatts of solar generation supported by 952 megawatt-hours of battery storage capacity.

Avantus has said it plans to maintain an ownership stake in Aratina 2 and operate both phases of the Aratina Solar Center together as part of its independent power producer strategy.

Local Economic Impact

Construction of Aratina 2 is generating approximately 300 union construction jobs in Kern County. Beyond the construction phase, the project is expected to create permanent operations and maintenance jobs throughout its operating life. Avantus also noted that the project will generate tax revenue to support Kern County public services.

Avantus Portfolio and Growth Strategy

Aratina 2 fits within a broader development strategy that Avantus is executing across California, Nevada, and Arizona. The company's development portfolio currently comprises 13 gigawatts of solar and 44 gigawatt-hours of storage across those core markets.

Under its independent power producer strategy, Avantus says it is on track to bring 5 gigawatts of system capacity online by 2030. By the end of 2026, the company expects to have 788 megawatts in commercial operation and 800 megawatts under construction.

Avantus is backed by strategic investment from KKR and EIG and describes itself as building on more than a decade of industry leadership in developing, owning, and operating utility-scale renewable energy projects across California and the Desert Southwest.

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