US based Avantus has closed a $300 million tax equity investment from Truist Bank for the Aratina 1 utility-scale solar and storage project in Kern County, California. Aratina 1 was designed to deliver 200 MW of solar capacity and 500 MWh of energy storage to the California grid. The transaction followed the securing of more than $ 500 million in construction financing announced in June 2025, led by lenders including Sumitomo Mitsui Banking Corporation and Truist Securities. Avantus retained an ownership stake and planned to operate the project as part of its transition to an independent power producer. Construction progressed through 2025, with commercial operations scheduled for 2026 under long-term power purchase agreements with Community Choice Aggregators (CCA). White & Case served as legal counsel to Avantus, while Milbank LLP acted as legal counsel and CCA served as advisor to Truist on the transaction.Earlier this, Avantus also signed hybrid power purchase agreements with Southern California Edison.