en.Wedoany.com Reported - Avantus has secured over $525 million in construction financing for the Aratina 2 solar and energy storage project in California, which includes 150 megawatts of solar capacity and 452 megawatt-hours of storage. The project's financiers include BBVA, Canadian Imperial Bank of Commerce, and Santander Bank, as announced on July 9.

The project is currently under construction in eastern Kern County and is expected to commence commercial operations by the end of the year. The financing package covers construction funds, tax equity bridge loans, and letters of credit.

Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, stated that the Aratina 2 project 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 the company's track record and long-term owner-operator strategy.

Eugene Kasozi, Head of Project and Infrastructure Finance at BBVA North America, noted that the Aratina 2 project exemplifies the high-quality infrastructure needed to support the transformation of the U.S. energy landscape. BBVA leveraged its project finance expertise to collaborate with Avantus in providing long-term energy solutions.

Aratina 2 is the second phase of the Aratina Solar Center, which also includes Aratina 1. Together, the two phases will have 350 megawatts of solar capacity and 952 megawatt-hours of battery storage. Avantus stated that, in line with its independent power producer strategy, the company plans to retain ownership and operation of both Aratina 2 and Aratina 1.

Anh Nguyen, Executive Director of Project Finance and Infrastructure at CIBC, said that CIBC supports Avantus in reaching this significant milestone and will continue to collaborate to meet the growing energy demand in the United States.

The Aratina 2 project will create approximately 300 union construction jobs, generate tax revenue to support public services in Kern County, and provide permanent operations and maintenance positions during its operational life. The project has signed a 15-year power purchase agreement with Southern California Edison.

Bart White, Global Head of Energy Structured Finance at Santander Corporate & Investment Banking, expressed support for Avantus's continued construction of utility-scale renewable energy projects and delivery of clean electricity to regions with growing demand, congratulating the project participants on their achievements.

Avantus holds a development portfolio of 13 gigawatts of solar and 44 gigawatt-hours of storage in its core markets of California, Nevada, and Arizona. Under its independent power producer strategy, the company aims to achieve 5 gigawatts of capacity connected to the grid by 2030. The company expects 788 megawatts of capacity to enter commercial operations by the end of the year, with an additional 800 megawatts under construction, including the Kitt solar and storage project in Arizona, which secured over $300 million in financing in March of this year.