KKR has competed its acquisition of Avantus, a US developer of solar and solar storage projects. Avantus has also secured a $522m development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation.
The facility is intended to allow Avantus to finance its growth plan and add to its development portfolio, which now spans more than 30 gigawatts of solar and 94 GW hours of energy storage across the Western United States.
KKR is participating in the facility through vehicles and accounts managed by its insurance business. The proceeds will be used towards the build-out of Avantus’ pipeline and activities, including security postings for power purchase agreements, interconnection agreements and procurement deposits.
In March, KKR announced that it had agreed to acquire a majority interest in Avantus. With the close of the transaction, KKR and EIG, an institutional investor in the global energy and infrastructure sectors, are the sole equity investors in Avantus. Together, KKR and EIG have invested upwards of $1bn through equity and debt commitments to support Avantus’ growth.
