Avantus closes $1 billion upsized corporate credit facility

Avantus, a company that builds large-scale solar and battery storage projects, has closed a $1.05 billion credit facility, more than doubling the $522 million credit line it secured in July 2024. The money will help fund the company's shift into an independent power producer and support its pipeline of projects across California and the Desert Southwest — 13 GW of solar paired with 44 GWh of battery storage.

This is not a program homeowners can apply to or benefit from directly. It is financing for utility-scale projects, meaning large solar and storage installations that feed power into the grid rather than sit on individual rooftops. Still, this kind of buildout affects the broader electricity supply in the regions where Avantus operates.

The company has been moving quickly on specific projects. Last month it switched on Aratina 1, a 200 MW solar facility with 500 MWh of storage in Kern County, California. It also closed more than $525 million in construction debt for a neighboring project, Aratina 2, and locked in a 20-year power purchase agreement for Rexford 2 in Tulare County, which will pair 200 MW of solar with 800 MWh of storage. Avantus says it plans to have 788 MW of projects running and another 800 MW under construction by the end of 2026, with its full pipeline eventually generating enough power for more than 10 million homes.