US renewables and battery storage developers Avantus, Arevon, and Clearway secure financing

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Avantus has successfully secured over $500 million in financing for its 200MW/500MWh Aratina 1 battery energy storage system (BESS) project located in Kern County, California. The financing was provided by a consortium of four lenders, including Sumitomo Mitsui Banking Corporation, Truist Securities, ING Capital, and Mizuho. Construction is currently underway, with the project expected to be operational by 2026. Avantus has also signed a 20-year power purchase agreement (PPA) with several community choice aggregators (CCAs) in California, which is anticipated to create up to 250 jobs and generate tax revenue for local services.

Previously known as 8minute Solar Energy, Avantus rebranded in 2022 to reflect its broader clean energy offerings. The company has a history of signing PPAs, including agreements with Monterey Bay Community Power Authority and Silicon Valley Clean Energy for solar capacity and battery storage. Additionally, Avantus has partnered with Arizona Public Service Company for a solar PV project in Arizona. Currently, Avantus is developing a substantial portfolio, claiming 30GW of solar and 94GWh of energy storage across California and the Southwestern US.