Avantus Secures $525 Million to Support Major California Solar-Plus-Storage Project
Renewable energy developer Avantus has secured more than $525 million in construction financing for the Aratina 2 Solar and Storage Project in California. The financing package will support the development of a 150 MW solar power generation facility, accompanied by 452 MWh of energy storage capacity. The project is currently under construction in eastern Kern County and is expected to enter commercial operation by year-end.
Source: s.yimg.com
The Aratina 2 Solar and Storage Project is the second phase of the Aratina Solar Center, which will feature a total of 350 MW of solar power generation capacity and 952 MWh of battery storage. Avantus will maintain an ownership stake in the project and operate it as part of its independent power producer (IPP) strategy.
BBVA, CIBC, and Santander will provide funding for the facility, with BBVA’s head of Project and Infrastructure Finance North America, Eugene Kasozi, stating that Aratina 2 is a strong example of high-quality infrastructure projects needed to support the evolving energy landscape in the U.S. CIBC’s executive director, Anh Nguyen, added that the company is pleased to support Avantus in achieving this important milestone for the Aratina 2 solar and storage project.
The project will generate tax revenue to support Kern County public services and provide permanent operations and maintenance jobs throughout its operating life. Avantus has a development portfolio of 13 GW of solar power and 44 GWh of energy storage across its core markets of California, Nevada, and Arizona.
Under its IPP strategy, Avantus is on pace to bring 5 GW of capacity online by 2030. The company expects to have 788 MW of capacity enter commercial operation, along with another 800 MW under construction, by year-end. This includes the Kitt Solar and Energy Storage Project in Arizona, which closed a financing package of more than $300 million in March of this year.
The Aratina 2 Solar and Storage Project is expected to create about 300 union construction jobs. Avantus’ executive vice president of Capital Markets and M&A, Omar Karar, stated that the project is another demonstration of the company’s ability to develop and finance large-scale projects in one of the country’s most complex energy markets.
The project has 15-year power purchase agreements with utility Southern California Edison. Avantus’ strategy focuses on delivering clean power to regions with growing demand, and the company is proud to have supported Avantus as it continues to construct utility-scale renewable projects.
Avantus’ development portfolio includes a range of projects, with the company aiming to bring 5 GW of capacity online by 2030. The company’s IPP strategy is focused on delivering clean power to regions with growing demand, and the Aratina 2 Solar and Storage Project is a key part of this strategy.
Avantus has a strong track record of developing and financing large-scale renewable energy projects. The company’s experience and expertise in this field have been recognized by leading financial institutions, which have partnered with Avantus to support its projects.
Avantus’ Renewable Energy Strategy
Avantus has a comprehensive strategy for developing and financing renewable energy projects. The company’s IPP strategy is focused on delivering clean power to regions with growing demand, and Avantus has a strong track record of success in this field.
Avantus’ development portfolio includes a range of projects, with the company aiming to bring 5 GW of capacity online by 2030. The company’s IPP strategy is focused on delivering clean power to regions with growing demand, and Avantus is proud to have supported Avantus as it continues to construct utility-scale renewable projects.
Avantus’ experience and expertise in developing and financing large-scale renewable energy projects have been recognized by leading financial institutions, which have partnered with Avantus to support its projects.
