Avantus, a US-based independent power producer, has secured a $300m tax equity commitment from Truist Bank to support development of the Aratina 2 solar and battery storage facility located in Kern County, California. The investment represents the latest financing milestone for the project, which is currently under active construction with operations targeted to commence by the end of 2026.
The facility will feature 150MW of solar generation capacity paired with 452MWh of battery storage capability, designed to serve California’s electricity grid. Based on its projected output, the project is anticipated to generate sufficient power annually to meet the needs of approximately 75,000 homes. Avantus has established 15-year power purchase agreements with Southern California Edison to handle the electricity produced by Aratina 2.
This tax equity financing follows construction funding commitments totaling more than $525m that Avantus obtained in the prior month from CIBC, BBVA, and Santander. The project is expected to generate over 300 union construction positions during its development phase, along with permanent operations and maintenance employment once operational. Aratina 2 constitutes the second development phase of the Aratina Solar Center; the initial phase, Aratina 1, reached commercial operations earlier this month. When combined, both phases of the Aratina Solar Center will provide 350MW of solar capacity and 952MWh of storage.
Avantus maintains plans to retain controlling ownership in both Aratina projects. The company is pursuing an objective to deploy 788MW of new solar and storage capacity by the end of 2026, with an additional 800MW currently under construction. The company’s broader development pipeline encompasses over 24GW of solar and storage projects. White & Case provided legal representation for Avantus on the transaction, while Milbank served as legal counsel for Truist Bank.
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