Investment firm KKR has acquired a majority stake in US solar and storage developer Avantus. Alongside this transaction, Avantus has secured a $522 million development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC). This facility aims to support Avantus' growth and its development portfolio, which includes over 30GW of solar and 94GWh of energy storage across the Western United States.
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“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.”
KKR is participating in the facility through vehicles and accounts managed by its insurance business. The proceeds will be used to accelerate Avantus' project pipeline and fund key activities such as security postings for power purchase agreements (PPAs), interconnection agreements, and procurement deposits.
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“This announcement is a ringing endorsement of our proven team at Avantus, providing us the capital to advance our portfolio and develop high-performing, high-value clean energy projects,” said Stephanie Perry, chief operating officer of Avantus. “We are excited to work with KKR and our existing investor EIG to achieve our growth plans and build on our track record of delivering record-breaking clean energy solutions that will decarbonize our planet at scale.”
In March, KKR announced its agreement to acquire a majority interest in Avantus. Following the close of the transaction, KKR and EIG, a leading institutional investor in the global energy and infrastructure sectors, remain the sole equity investors in Avantus.
