Avantus Lands $1.05 Billion Credit Facility for Solar and Storage Projects
Avantus has secured a massive corporate credit facility worth $1.05 billion to support its development and construction of utility-scale solar and energy storage projects in California and the Desert Southwest. The new facility more than doubles the previous $522 million credit facility established by Avantus in July 2024.
The lender group includes existing financial partners such as SMBC, ING Capital, HSBC, KKR, and Truist Securities, along with new lead arrangers Bank Hapoalim, CIBC, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets, and Natixis Corporate & Investment Banking.
Avantus CEO Cliff Graham stated that the financing is a 'clear signal' of the company's strategic partners' confidence in its ability to execute and grow as an independent power producer. The expanded facility will provide the financial flexibility needed to move projects more quickly from development into construction and commercial operation.
The company has a development pipeline totaling 24 gigawatts of system capacity, including 13 gigawatts of solar generation integrated with 44 gigawatt-hours of energy storage. Avantus expects to have 788 megawatts in commercial operation and another 800 megawatts under construction by the end of 2026.