Avantus Closes $525 Million Financing for Kern County Energy Project
Avantus has secured more than $525 million in financing to support construction of the Aratina 2 solar, battery storage, and renewable energy project in Kern County, California.
The financing package, provided by BBVA, CIBC, and Santander, includes construction funding, a tax equity bridge loan, and letters of credit. The project is currently under construction and is expected to begin operations by the end of 2026.
Once complete, Aratina 2 will deliver 150 MWac of solar generation and 452 MWh of battery storage capacity to California's electricity grid. The facility has secured 15-year power purchase agreements with Southern California Edison (SCE).
Commenting on the financing, Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus, said, “Aratina 2 is another demonstration of Avantus' ability to develop and finance large-scale projects in one of the country's most complex energy markets.”
The project is expected to create approximately 300 union construction jobs, generate local tax revenue, and provide permanent operations and maintenance positions.
Aratina 2 is the second phase of the Aratina Solar Center. Combined with Aratina 1, the development will total 350 MW of solar generation and 952 MWh of battery storage. Avantus plans to retain an ownership stake and operate both facilities as part of its independent power producer strategy.
Source: nacleanenergy.com
