en.Wedoany.com Reported - Avantus has recently closed a financing package exceeding $525 million for the Aratina 2 utility-scale solar and energy storage project in eastern Kern County, California, with participants including BBVA, CIBC, and Santander. The project is under construction and is expected to commence commercial operations by the end of 2026, delivering 150 MWac of solar generation capacity and 452 MWh of battery energy storage capacity to the California grid.

The financing package covers construction funding, tax equity bridge loans, and letters of credit.

Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, stated that Aratina 2 once again demonstrates the company's ability to develop and finance large-scale projects in one of the most complex energy markets in the United States. The participation of BBVA, CIBC, and Santander reflects confidence in Avantus's track record and long-term owner-operator strategy.

Eugene Kasozi, Head of Project & Infrastructure Finance at BBVA North America, noted that Aratina 2 is a strong example of the high-quality infrastructure projects needed to support the evolving energy landscape in the U.S. BBVA is proud to partner with Avantus on this financing and to leverage its project finance expertise to help deliver resilient, long-term energy solutions.

Anh Nguyen, Executive Director of Project Finance and Infrastructure at CIBC, expressed that CIBC is pleased to support Avantus in reaching this significant milestone for the Aratina 2 project and looks forward to continued collaboration to meet the growing energy demands of the United States.

Bart White, Global Head of Energy Structured Finance at Santander Corporate & Investment Banking, stated that Santander is proud to support Avantus in its ongoing construction of utility-scale renewable energy projects and in delivering clean electricity to regions with increasing demand.

The Aratina 2 project is expected to create approximately 300 union construction jobs, generate tax revenue to support public services in Kern County over its operational lifespan, and provide permanent operations and maintenance positions. The project has entered into a 15-year Power Purchase Agreement (PPA) with Southern California Edison (SCE).

Aratina 2 is the second phase of the Aratina Solar Center, which, together with Aratina 1, will have a combined capacity of 350 MW of solar generation and 952 MWh of battery energy storage. As part of its Independent Power Producer (IPP) strategy, Avantus plans to retain ownership and operate both Aratina 2 and Aratina 1.

White & Case LLP served as legal counsel for the transaction, with Cox Castle & Nicholson LLP acting as local counsel. Akin Gump Strauss Hauer and Feld LLP served as legal counsel for the financing, with Holland & Knight LLP acting as local counsel.

Avantus is advancing its development portfolio in core markets (California, Nevada, and Arizona), comprising 13 GW of solar and 44 GWh of energy storage. Under its growing IPP strategy, the company plans to achieve 5 GW of system capacity interconnected by 2030, with 788 MW in commercial operation and 800 MW under construction by the end of the year.