Funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a U.S. developer of large utility-scale solar and solar-plus-storage projects.
Following the close of the transaction, KKR and existing investor EIG will be the sole equity investors in Avantus.
Both equity sponsors are dedicated to supporting the next phase of Avantus’ growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate.
Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of development in the southwestern U.S. and California power markets. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.
Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the company.
FinSMEs
21/03/2024