Avantus has secured US$525 million in financing for the Aratina 2 solar-plus-storage project in California, comprising 184 MW of solar PV and a 452 MWh battery energy storage system.
Independent power producer (IPP) Avantus has reached financial close on a US$525 million financing package for the Aratina 2 solar-plus-storage project in Southern California, strengthening its utility-scale renewable energy portfolio.
Currently under construction in eastern Kern County, the project will deliver 184 MWdc/150 MWac of solar photovoltaic (PV) capacity alongside a 452 MWh battery energy storage system (BESS). Commercial operations are expected by the end of the year.
The financing package comprises construction funding, a tax equity bridge loan and letters of credit, with financing provided by BBVA, Canadian Imperial Bank of Commerce (CIBC) and Santander.
Avantus has already secured a 15-year power purchase agreement (PPA) with Southern California Edison for the project’s electricity output, providing long-term revenue certainty.
Aratina 2 represents the second phase of the Aratina Solar Center, which will collectively comprise 350 MW of solar PV capacity and 952 MWh of battery storage. As part of its independent power producer strategy, Avantus will retain an ownership stake in both Aratina 1 and Aratina 2 and oversee their long-term operations.
Commenting on the milestone, Omar Karar, Executive Vice President of Capital Markets and Mergers & Acquisitions at Avantus, said the financing demonstrates the company’s ability to develop and fund large-scale renewable energy projects in one of the United States’ most complex electricity markets.
Backed by global investment firm KKR, which acquired a majority stake in Avantus in 2024, the California-based developer is advancing a pipeline of 13 GW of solar PV and 44 GWh of battery storage across California, Nevada and Arizona. The company aims to achieve 5 GW of operational renewable energy capacity by 2030 and expects to have 788 MW in commercial operation and a further 800 MW under construction by the end of this year.
Among the projects completed by the company this year is the 159 MW Norton Solar Project in Texas, for which Toyota Motor North America has signed a virtual power purchase agreement covering the project’s entire electricity output.