KKR acquires majority stake in Avantus solar firm

KKR, a US-based investment firm has acquired a majority equity interest Stack in Avantus, a leading US developer of utility-scale solar and solar-plus-storage projects through its investment funds and accounts. Concurrently, Avantus secured a $522 million development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC). This facility will support Avantus in advancing its growth strategy, which includes over 30 GW of PV and 94 GWh of storage across the Western US. With more than $1 billion in equity and debt commitments from KKR and EIG, this capital will accelerate project development, including funding security postings and procurement deposits. Since inception, Avantus has developed 7.3 GW of solar projects and 17 GWh of storage. KKR’s investment aligns with its global climate strategy, having invested over $15 billion in low-carbon solutions.