US private equity firm KKR & Co Inc has entered into a definitive agreement to acquire a majority stake in California-based solar and solar-plus-storage developer Avantus.
The acquisition will be made through KKR-managed investment funds and accounts.
Although financial details were not disclosed, KKR stated that it, along with existing investor EIG, will be the sole equity investors in Avantus following the transaction. KKR also announced plans to invest over USD 1 billion (EUR 1.09bn) in Avantus, including equity and financing facilities, with contributions from third parties.
Avantus, previously known as 8minute Solar Energy, has a strong track record, having developed and sold 6.5 GWp of solar and 6.3 GWh of storage projects since its establishment in 2009.
The company currently boasts a project pipeline of 30 GWp of solar and 94 GWh of battery storage projects, which, if realized, could provide power to approximately 20 million people, according to KKR.
