(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.
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