Avantus gets $1B investment from KKR, EIG
(Photo by Markus Spiske on Unsplash)
KKR, a global investment firm, and existing investor EIG have agreed to acquire a majority stake in Avantus (formerly 8minute), a U.S.-based developer of utility-scale solar and solar+storage projects.
Following the close of the transaction, KKR and EIG will be the sole equity investors in Avantus, per KKR’s announcement. Both equity sponsors have secured commitments for a development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion.
Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a project pipeline of 30 GWp of solar and 94 GWh of battery storage. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.
GO DEEPER: Check out the Factor This! energy storage podcast playlist, including episodes on battery storage, long-duration energy storage, gravity storage, and more. Subscribe wherever you get your podcasts.
“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,” said Charlie Gailliot, Partner and Co-Head of Global Climate Strategy, KKR. “We are delighted to support Avantus in realizing its full potential.”
Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program.
“Solar is the fastest growing electricity source in the U.S., and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable, and resilient,” said Patrick Goff, Chief Financial Officer at Avantus. “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. We are thrilled to embark on this new chapter with KKR and EIG and continue our company’s growth.”
