Avantus has closed more than $500 million in financing for its Aratina 1 project in Kern County, California, with construction already underway and operations expected to begin in 2026.
The financing was provided by a consortium of four lenders led by Sumitomo Mitsui Banking Corporation, Truist Securities, ING Capital, and Mizuho.
The project will deliver 200 megawatts (MW) of solar and 500 megawatt-hours (MWh) of energy storage capacity to the California grid, with energy contracted under 20-year power purchase agreements with multiple Community Choice Aggregators (CCAs) in California.
The financing package includes construction funding, a tax equity bridge loan, and letters of credit.
“Executing a deal of this scale in today’s market is no small feat. It speaks to the perseverance and agility of our team, our proven track record, and deep expertise in delivering high-impact solar and storage projects,” said Avantus Chief Executive Officer Cliff Graham, in a statement.
Aratina 1 is expected to create up to 250 jobs and generate tax revenue to support local services in Kern County throughout its operating life. Avantus has approximately 30 gigawatts (GW) of solar and 94 gigawatt-hours (GWh) of energy storage under development across California and the Southwest.
Graham continued, “We look forward to continued partnership with our investors and working together to expand Californians’ access to affordable, reliable clean power.”
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