KKR to Acquire a Majority Stake in Solar Firm Avantus

KKR announced that it agreed to take a majority stake in solar power developer and operator Avantus. With the only other equity investor in the company, EIG, the two companies have arranged a combination of equity and development financing facility that should total “upwards of $1 billion in the aggregate.”

Avantus, founded as 8minute Solar Energy in 2009, claims a “project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power.” It claimed a “substantial presence and track-record of successful development in the southwestern U.S. and California power markets” and a history of having developed and sold “6.5 GWp and 6.3 GWh of solar and storage projects, respectively.”