Avantus Receives Investment from KKR
Summary
Funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a U.S. developer of large utility-scale solar and solar-plus-storage projects. Both equity sponsors are dedicated to supporting the next phase of Avantus’ growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate. Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GW of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of development in the southwestern U.S. and California power markets. Since its founding, Avantus has developed and sold 6.5 GW and 6.3 GWh of solar and storage projects, respectively.