(Source: Shutterstock.com)
Global investment firm KKR has acquired a majority interest in utility-scale solar developer Avantus, having closed a transaction announced in March, the companies said.
The firm, alongside Sumitomo Mitsui Banking Corp., also arranged a $522 million development facility for Avantus. The California-based company plans to use the financial backing to execute on its development portfolio of more than 30 gigawatts (GW) of solar and 94 GW hours of energy storage in the western U.S., according to a July 30 news release
“There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth,” said Cecilio Velasco, managing director in KKR’s infrastructure team. “The need for clean energy in the United States is increasing substantially, driven by many factors including data center demand, the rise of artificial intelligence, and growth in electrification. Avantus is well positioned to capitalize on these tailwinds.”
With the transaction’s closing, KKR and institutional investor EIG became the sole equity investors in Avantus. Together, the two investment firms have invested about $1 billion through equity and debt commitments to support Avantus’ growth, according to the release.
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