BBVA, CIBC and Santander provide construction financing for 150 MW solar and 452 MWh storage project in Kern County

SAN DIEGO, Calif. — July 9, 2026 — Avantus has closed a financing package of more than $525 million with BBVA, CIBC and Santander for the Aratina 2 utility-scale solar and storage project, located in eastern Kern County, California. Currently under construction and expected to be operational by the end of 2026, Aratina 2 will deliver 150 megawatts (MWac) of solar generation and 452 megawatt-hours (MWh) of battery storage capacity to the California grid.

The financing package includes construction funding, a tax equity bridge loan and letters of credit.

“Aratina 2 is another demonstration of Avantus' ability to develop and finance large-scale projects in one of the country's most complex energy markets,” said Omar Karar, Executive Vice President of Capital Markets and M&A at Avantus. “BBVA, CIBC and Santander's participation reflects genuine confidence in our track record and our long-term strategy as an owner-operator.”

"Aratina 2 is a strong example of the high-quality infrastructure projects needed to support the evolving energy landscape in the U.S.," said Eugene Kasozi, Head of Project and Infrastructure Finance North America at BBVA. "We are proud to partner with Avantus on this financing and to leverage BBVA's project finance expertise to help deliver resilient, long-term energy solutions."

“CIBC is pleased to support Avantus in achieving this important milestone for the Aratina 2 solar and storage project,” said Anh Nguyen, Executive Director, Project Finance and Infrastructure, CIBC. “We look forward to continuing our partnership and supporting efforts to meet increasing energy demand across the U.S.”

"We are proud to have supported Avantus as it continues to construct utility-scale renewable projects and deliver clean power to regions with growing demand," said Bart White, Global Head of Energy Structured Finance, Santander Corporate & Investment Banking. "We congratulate Avantus, its partners and stakeholders on this achievement."

Aratina 2 is creating approximately 300 union construction jobs and will generate tax revenue to support Kern County public services and provide permanent operations and maintenance jobs throughout its operating life. The project signed 15-year power purchase agreements (PPA) with Southern California Edison (SCE).

Aratina 2 is the second phase of the Aratina Solar Center, which, together with Aratina 1, will total 350 MW of solar with 952 MWh of battery storage. Avantus plans to maintain an ownership stake and operate Aratina 2, together with Aratina 1, as part of its independent power producer (IPP) strategy.

White & Case LLP served as legal counsel on the transaction, with Cox Castle & Nicholson LLP serving as local counsel. Akin Gump Strauss Hauer and Feld LLP served as counsel to the financing parties, with Holland & Knight LLP serving as local counsel.

Avantus is advancing a development portfolio across its core markets of California, Nevada and Arizona comprising 13 gigawatts (GW) of solar and 44 GWh of storage. Under its growing IPP strategy, the company is on track to bring 5 GW of system capacity online by 2030, with 788 MW reaching commercial operation and 800 MW under construction by year end.