en.Wedoany.com Reported - Avantus, a utility-scale solar and storage developer, announced the closing of a total $1.05 billion corporate credit facility.

The financing is more than double the size of its $522 million credit facility obtained in July 2024. The expanded capital will support Avantus's transition to an independent power producer (IPP) and fund its advancing 24 GW development portfolio in core markets across California and the desert Southwest. The portfolio includes 13 GW of solar projects paired with 44 GWh of battery energy storage system (BESS) capacity.

The financing package is supported by a syndicate of existing and new institutional lenders. Sumitomo Mitsui Banking Corporation (SMBC) serves as administrative agent, collateral agent, and lead arranger; ING Capital LLC, HSBC, KKR, and Truist Securities, Inc. continue as lead arrangers.

Six new financial institutions joined the syndicate as lead arrangers: BHI (Bank Hapoalim), CIBC, KeyBanc Capital Markets Inc., Mizuho, National Bank of Canada Capital Markets, and Natixis Corporate & Investment Banking. KKR Capital Markets and EIG Capital Markets acted as placement agents for the transaction, with Kirkland & Ellis LLP serving as legal counsel to Avantus and Milbank LLP representing the lending syndicate.

Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, stated that the expanded credit facility provides the company with flexibility to advance its pipeline of high-quality solar and storage assets, moving projects rapidly from development to construction and operations.

Prior to this credit expansion, the San Diego-based developer had entered an accelerated project delivery phase. Last month, Avantus brought online the Aratina 1 project in Kern County, California, comprising 200 MW of solar and 500 MWh of storage. The company also recently closed over $525 million in construction financing for the adjacent Aratina 2 project and signed a 20-year power purchase agreement (PPA) for the Rexford 2 project in Tulare County, California, which will feature 200 MW of solar and 800 MWh of battery storage.

Avantus expects to achieve 788 MW of commercial operation by the end of 2026 while maintaining 800 MW under construction. With institutional investment support from KKR and EIG, the company estimates that the total output of its full development pipeline will ultimately provide enough dispatchable clean power to supply more than 10 million households.