(Source: Shutterstock.com)
Global investment firm KKR has acquired a majority interest in utility-scale solar developer Avantus, having closed a transaction announced in March, the companies said.
The firm, alongside Sumitomo Mitsui Banking Corp., also arranged a $522 million development facility for Avantus. The California-based company plans to use the financial backing to execute on its development portfolio of more than 30 gigawatts (GW) of solar and 94 GW hours of energy storage in the western U.S., according to a July 30 news release
“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.”
With the transaction’s closing, KKR and institutional investor EIG became the sole equity investors in Avantus. Together, the two investment firms have invested about $1 billion through equity and debt commitments to support Avantus’ growth, according to the release.
Recommended Reading
Chicken or the Egg? Policy and Tech Needed to Enable Hydrogen Market
2025-04-13 - Hydrogen project developers ask themselves the famous ‘chicken or the egg’ conundrum as they lean on policy, incentives and technology to bridge cost gaps.
First Ammonia Awards FEED Contract to Worley for Gulf Coast Facility
2025-01-27 - First Ammonia awarded a FEED contract to Worley for its electric ammonia facility in Victoria, Texas, along the Gulf Coast.
Baker Hughes CEO: Expect ‘Volatility, Noise’ Around Energy Transition
2025-03-12 - Baker Hughes and Linde executives spoke about lower carbon resources such as hydrogen and geothermal, which will be part of the energy mix but unlikely to displace natural gas.
CF Industries Form JV to Build $4B Low-Carbon Ammonia Project in Louisiana
2025-04-08 - CF Industries has reached a FID with JERA and Mitsui for an ammonia production facility in Louisiana. CF Industries sealed a deal with Occidental’s 1PointFive to capture and store CO2 from the facility.
PE Firm Hy24 Commits $50MM to StormFisher Hydrogen
2025-02-11 - The funding, made via Hy24’s Clean Hydrogen Infrastructure Fund, will go toward StormFisher Hydrogen’s efforts to produce clean fuel in North America.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.