Avantus closes $300 million tax equity commitment for Aratina 2 solar and storage facility

PV Magazine 

San Diego-based utility-scale solar and energy storage developer Avantus has announced the closing of a $300 million tax equity commitment from Truist Bank for its Aratina 2 solar and storage facility in Kern county, California. The new commitment adds to $525 million in construction financing the company secured in July, which will go toward building the facility. The $300 million commitment was first announced alongside that funding.

Aratina 2 is a 150 MW solar and 452 MWh battery installation near the site of Avantus’s 200 MW/500 MWh Aratina 1 project, which achieved commercial operation last month. Together, the two installations make up the Aratina Solar Center.

Avantus plans to maintain an ownership stake in both projects and oversee their operation, with electricity from Aratina 1 being sold to Central Coast Community Energy and Silicon Valley Clean Energy under 20-year power purchase agreements, and energy from Aratina 2 being sold to Southern California Edison under a 15-year PPA.

Read more here: Avantus closes $300 million tax equity commitment for Aratina 2 solar and storage facility – pv magazine USA