KKR Acquires Majority Stake in Avantus, Secures $522 Million Facility to Boost Solar and Storage Projects

Avantus, a premier U.S. developer of utility-scale solar and solar-plus-storage projects, and KKR, a leading global investment firm, have announced the completion of KKR’s acquisition of a majority equity interest in Avantus. Alongside the transaction, Avantus has secured a $522 million development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC). This facility provides Avantus with the financial support needed to fuel its growth and execute its development portfolio, which now includes more than 30 gigawatts (GWdc) of solar and 94 gigawatt hours (GWh) of energy storage across the Western United States.

“There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth. 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,” said Cecilio Velasco, Managing Director in KKR’s Infrastructure team.

“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 at 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.”