KKR, a prominent global investment firm, has announced the signing of a definitive agreement to acquire a majority stake in Avantus, a premier developer of large utility-scale solar and solar-plus-storage projects in the United States.
Under the terms of the deal, investment funds and accounts managed by KKR will acquire the majority ownership in Avantus. KKR and existing investor EIG, a major institutional investor in the energy and infrastructure sectors globally, will become the sole equity investors in the solar development company going forward.
Both KKR and EIG have committed substantial financing to support Avantus’ continued growth plans. In addition to their equity investments, the sponsors have secured commitments for a substantial development financing facility for the company, totaling upwards of $1 billion in aggregate capital availability.
Avantus has an established presence and successful track record developing solar projects in key U.S. markets like the Southwest and California. After closing, KKR plans to create an equity ownership program allowing all Avantus employees to participate in the company’s ownership, based on the belief that employee engagement drives stronger businesses.
KKR is funding this investment through its global climate strategy, dedicated to scaling solutions that support the transition to a low-carbon economy. The firm cited Avantus’ expertise in large-scale solar and storage as aligning with this mission.
