KKR to Acquire Avantus

By Global Infrastructure Sherpa · Oct 24, 2024

Acquisition Solar, Storage announced United States Oct 24, 2024

USD1B

Deal Value

30 GW

Capacity

development

Stage

KKR agreed to acquire Avantus, a developer of utility-scale solar and energy storage projects. Kirkland & Ellis advised KKR on the transaction.

Source Intelligence

KEY DETAILS

KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy. "KKR’s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States."

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Deal Size

secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate

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Capacity

owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage

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Location

The company has a substantial presence and track-record of successful development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S.

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Announcement

Mar 20, 2024

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Signing

Today, KKR, a leading global investment firm, announced the signing of a definitive agreement

PARTIES MENTIONED IN SOURCE

KKR buyer

"investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus"

Avantus developer

"KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects."

EIG investor

"Following the close of the transaction, KKR and existing investor EIG, a leading institutional investor in the global energy and infrastructure sectors, will be the sole equity investors in Avantus."

Jefferies LLC advisor

"Jefferies LLC acted as sole financial advisor to KKR."

KKR Capital Markets lender

"KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company."

Sumitomo Mitsui Banking Corporation (SMBC) lender

"KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company."

Scotiabank advisor

"Scotiabank served as financial advisor to Avantus."

high quality Enriched Feb 19, 2026