Avantus has closed a $300 million tax equity investment from Truist Bank for the Aratina 1 utility-scale solar and storage project located in Kern County, California. The transaction supports the development of the project as Avantus moves toward operating it under an independent power producer model, while retaining an ownership stake. The project is scheduled to enter commercial operations in 2026.
Legal advisory services for Avantus were provided by White & Case, while for Truist Bank, Milbank LLP acted as legal counsel and Community Choice Aggregators (CCA) served as advisor. Aratina 1 is designed to supply 200 MW of solar capacity along with 500 MWh of battery storage capacity to the California grid. Construction activities are ongoing. Moreover, long-term power purchase agreements with CCAs will enable communities to access cost-competitive clean energy.
Furthermore, the tax equity financing follows the company’s earlier announcement in June 2025 of more than $500 million in construction financing for Aratina 1. That financing round was supported by a lender group led by Sumitomo Mitsui Banking Corporation and Truist Securities. It included both construction loans as well as letters of credit.
