Avantus, a U.S. developer of utility-scale solar and solar-plus-storage projects, and KKR, a global investment firm, completed the acquisition of a majority equity interest in Avantus by investment funds and accounts managed by KKR. Coinciding with the close of the transaction, Avantus has secured a $522 million development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking (SMBC). The facility provides Avantus the financial backing to fuel the company’s growth and execute on its development portfolio, which now spans more than 30 gigawatts (GW) of solar and 94 GW hours (GWh) of energy storage across the Western United States.
“There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth,” Cecilio Velasco, managing director in KKR’s infrastructure team, said. “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.”
KKR is participating in the facility through vehicles and accounts managed by KKR’s insurance business. The proceeds will be used to accelerate the build-out of Avantus’ pipeline and fund key activities, including security postings for power purchase agreements (PPAs), interconnection agreements and procurement deposits.
“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,” Stephanie Perry, chief operating officer at Avantus, siad. “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.”
In March, KKR agreed to acquire a majority interest in Avantus. With the close of the transaction, KKR and EIG, an institutional investor in the global energy and infrastructure sectors, are the sole equity investors in Avantus.
