Avantus Announces Completion of Acquisition by KKR and Closing of $522 Million Development Facility
KKR’s majority equity investment and arrangement of a new development facility to accelerate the deployment of Avantus’ pipeline, including some of the nation’s largest solar and energy storage projects
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“There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth. The need for clean energy in
KKR is participating in the facility through vehicles and accounts managed by KKR’s insurance business. The proceeds will be used to accelerate the build-out of Avantus’ pipeline and fund key activities, including security postings for power purchase agreements (PPAs), interconnection agreements and procurement deposits.
“This announcement is a ringing endorsement of our proven team at Avantus, providing us the capital to advance our portfolio and develop high-performing, high-value clean energy projects,” said
In March, KKR announced that it had agreed to acquire a majority interest in Avantus. With the close of the transaction, KKR and EIG, a leading institutional investor in the global energy and infrastructure sectors, are the sole equity investors in Avantus. Together, KKR and EIG have invested upwards of
Since its founding, Avantus has developed and sold projects and interconnection positions totaling 7.3 GWdc of solar and 17 GWh of storage. The company has a substantial presence and track record of successful development in the southwestern
With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than
About Avantus
Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing one of the nation’s largest solar clusters and one of the first projects to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of solar plants with integrated storage, capable of providing 20 million people with affordable, zero-emission energy – day and night.
For more information, please visit www.avantus.com, and follow Avantus on LinkedIn.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with
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MEDIA:
Avantus
press@avantus.com
KKR
(212) 750-8300
media@kkr.com
Source: KKR