Avantus Raises $522 Million to Accelerate Solar and Storage Development

Avantus, a U.S.-based developer of large utility-scale solar and solar-plus-storage projects, has secured $522 million in funding to accelerate its renewable energy initiatives. This financing was arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC), following KKR’s recent acquisition of a majority stake in Avantus.

Founded in 2009, Avantus focuses on the southwestern U.S. and California power markets. The funds will be used to expedite the development of Avantus’ pipeline, which includes over 30 gigawatts (GWdc) of solar and 94 gigawatt hours (GWh) of energy storage across the Western United States. The investment will also support key activities such as securing power purchase agreements (PPAs), interconnection agreements, and procurement deposits.

Cecilio Velasco, Managing Director in KKR’s Infrastructure team, emphasized the significant opportunities ahead for Avantus, highlighting the growing demand for clean energy driven by data centers, artificial intelligence, and increased electrification. Velasco stated, “There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth. The need for clean energy in the United States is increasing substantially, driven by many factors including data center demand, the rise of artificial intelligence, and growth in electrification. Avantus is well positioned to capitalize on these tailwinds.”

With the transaction now closed, KKR and EIG, a prominent institutional investor in global energy and infrastructure sectors, remain the sole equity investors in Avantus. KKR is funding its investment from its global climate strategy, which is dedicated to scaling solutions that support the transition to a low-carbon economy.

Stephanie Perry, Chief Operating Officer at Avantus, expressed excitement about the new investment, noting that it endorses Avantus’ team and mission. Perry stated, “This announcement is a ringing endorsement of our proven team at Avantus, providing us the capital to advance our portfolio and develop high-performing, high-value clean energy projects. We are excited to work with KKR and our existing investor EIG to achieve our growth plans and build on our track record of delivering record-breaking clean energy solutions that will decarbonize our planet at scale.”