Eleven banks back Avantus's $1.05 billion facility as the company stacks project-level debt across its California and Arizona pipeline

This piece adds syndicate and project-level detail to the wire item published here on 11 August.

When Avantus closed its $1.05 billion corporate credit facility on 3 August 2026, the headline number was the obvious story^[1]. The syndicate behind it - and the project-level debt that sits beneath the corporate facility - tells a more precise story about how institutional capital is pricing integrated solar-plus-storage IPP risk in the Western US.

The lender group

SMBC serves as administrative agent, collateral agent, and lead arranger. Existing lead arrangers - ING Capital, HSBC, KKR, and Truist Securities - extended or increased their commitments. Six new lead arrangers joined: Bank Hapoalim, CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets, and Natixis Corporate & Investment Banking.

The breadth of the syndicate matters. The upsized facility doubles the $522 million facility previously put in place in July 2024. Attracting six new institutional lenders to a corporate credit facility - rather than a ring-fenced project finance deal - signals that the banks are comfortable underwriting Avantus's balance sheet and pipeline quality, not just individual asset cash flows.

Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the same period in 2025, according to Mercom Capital. The Avantus facility sits within that broader surge in institutional appetite.

The project-level stack

The corporate facility sits on top of a series of project-level financings that have closed over the past several months:

• Kitt (Pinal County, Arizona): Avantus closed more than $300 million with BBVA and CIBC in March 2026 for the 100 MWac/130 MWdc solar and 400 MWh storage project. The package included construction funding, a tax equity bridge loan, and letters of credit. Kitt has a power purchase agreement with Arizona Public Service, the state's largest electric utility.
• Aratina 1 (Kern County, California): Avantus brought Aratina 1 - a 200 MW solar and 500 MWh storage facility - into commercial operation in July 2026.
• Aratina 2 (Kern County, California): The company closed more than $525 million in construction debt for the adjacent Aratina 2 project.
• Rexford 2 (Tulare County, California): Avantus signed a 20-year power purchase agreement for Rexford 2, which will provide 200 MW of solar and 800 MWh of storage.

Pipeline and 2026 targets

Avantus currently has a 24 GW development pipeline, including 13 GW of solar paired with 44 GWh of battery energy storage. Prior to a 2022 rebrand, the company was known as 8minuteenergy Renewables.

Avantus targets 788 MW in commercial operation and 800 MW under active construction by end-2026. The company is on track to bring 788 MW into commercial operation with 800 MW under construction by the end of 2026.

The $1.05 billion corporate credit facility more than doubles the $522 million facility Avantus put in place in July 2024.

What to watch

Kitt's commercial operation date - targeted for end-2026 - is the near-term proof point. The project is expected to create up to 500 construction jobs and reach commercial operation by the end of 2026. Whether Aratina 2 and Rexford 2 follow on a similar schedule will determine how quickly Avantus converts its 44 GWh storage pipeline into operating assets - and whether the eleven-bank syndicate's confidence in the corporate credit structure holds as polysilicon tariffs and steel costs move through the supply chain.