KKR Boosts Avantus with $522m Facility
- KKR's investment in Avantus fuels clean energy growth in the US, with over 30GW of solar and 94GWh of energy storage projects in the pipeline.
Investment firm KKR has acquired a majority stake in US solar and storage developer Avantus, with the company also securing a US$522m development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation. This financial backing will support Avantus in executing its development portfolio, which includes over 30GW of solar and 94GWh of energy storage projects across the Western United States. KKR's Infrastructure team sees significant growth opportunities for Avantus in the clean energy sector, driven by factors such as data center demand and electrification trends.
The proceeds from the facility will be used to accelerate the build-out of Avantus' pipeline and fund key activities like securing power purchase agreements and interconnection agreements. Avantus' chief operating officer expressed excitement about the partnership with KKR and EIG, highlighting the company's track record in delivering clean energy solutions. With KKR and EIG now the sole equity investors in Avantus, the company is well-positioned to capitalize on the increasing demand for clean energy in the United States and drive further growth in the sector.
What opportunities does KKR's investment in Avantus bring to the solar industry?
- KKR's investment in Avantus brings significant financial backing to support the development of over 30GW of solar and 94GWh of energy storage projects across the Western United States.
- The partnership with KKR and EIG will enable Avantus to accelerate the build-out of its pipeline and secure key agreements for project development.
- Avantus is well-positioned to capitalize on the increasing demand for clean energy in the United States, driven by factors such as data center demand and electrification trends.
- The investment will help Avantus drive further growth in the solar industry and contribute to the transition towards renewable energy sources.
- The financial support from KKR will enable Avantus to expand its clean energy solutions and play a significant role in the clean energy sector.