Avantus closes $1.05 billion corporate credit facility to accelerate solar and storage build-out

San Diego-based independent power producer Avantus has closed a $1.05 billion corporate credit facility^[1], more than doubling the $522 million facility it secured in July 2024. The expanded capital is intended to accelerate development of the company's solar and battery storage portfolio across California and the Desert Southwest.

What the facility covers

The credit facility is a corporate-level instrument - not project finance - giving Avantus balance-sheet flexibility to move assets from development into construction and operations without having to arrange bespoke financing for every project before breaking ground. KKR Capital Markets and EIG Capital Markets served as placement agents, with Kirkland & Ellis acting as legal counsel to Avantus and Milbank representing the lending group. The financing was backed by a syndicate of existing and new institutional lenders.

Avantus' development pipeline totals 24 GW, including 13 GW of solar paired with 44 GWh of battery energy storage^[1].

Pipeline and near-term milestones

The facility closes against a backdrop of accelerating project execution. Key milestones in the past several months include:

• Aratina 1 (Kern County, California): 200 MW of solar and 500 MWh of BESS reached commercial operation in July 2026, with long-term PPAs covering the full output signed with Central Coast Community Energy and Silicon Valley Clean Energy.
• Aratina 2 (adjacent to Aratina 1): more than $525 million in construction financing closed in July 2026, provided by BBVA, CIBC and Santander; the project adds 150 MW of solar and 452 MWh of storage and is expected to be operational by end-2026.
• Rexford 2 (Tulare County, California): a 20-year PPA signed for a project comprising 200 MW of solar and 800 MWh of BESS.
• Kitt (Pinal County, Arizona): more than $300 million in construction financing closed in March 2026 with BBVA and CIBC for a 100 MWac/130 MWdc solar, 400 MWh BESS project under a PPA with Arizona Public Service.

Avantus says it remains on track to bring 788 MW into commercial operation and have a further 800 MW under construction by end-2026.

From developer to IPP

The corporate credit facility is explicitly framed as supporting Avantus' transition from developer to owner-operator. KKR took a majority stake in Avantus in 2024, with EIG as the other sole investor^[1]. The company - formerly known as 8minuteenergy Renewables before a 2022 rebrand - is retaining controlling stakes in completed projects rather than selling them down at COD, a structural shift that requires more durable corporate liquidity than project-by-project financing alone can provide.

The scale of the storage component is notable: 44 GWh of BESS paired with 13 GW of solar represents a ratio of roughly 3.4 MWh per MW of generation, well above the industry average for solar-plus-storage projects currently in operation in the Western US.

The immediate question is execution pace. With 788 MW targeted for COD and 800 MW under construction by year-end, Avantus is carrying one of the heavier near-term delivery schedules among US solar-plus-storage IPPs. Whether the corporate facility translates into faster interconnection queue progression - or simply smooths construction cash flows on already-permitted projects - will determine how quickly the 24 GW pipeline converts into operating megawatts.