Deal marks key milestone for company’s expanding IPP strategy

SAN DIEGO, Calif. — December 18, 2025 —Avantus announced today the successful closing of a $300 million tax equity investment from Truist Bank for the Aratina 1 utility-scale solar and storage project in Kern County, California. Avantus plans to maintain an ownership stake and operate Aratina 1 as it transitions to an independent power producer (IPP), with this transaction marking a key step toward project completion.

This tax equity investment builds on Avantus’ June 2025 announcement of more than $500 million in construction financing for the project. The financing package, led by a consortium of lenders including Sumitomo Mitsui Banking Corporation and Truist Securities, provided construction funding and letters of credit.

“Closing this tax equity investment is a major milestone for us as we establish ourselves as an independent power producer,” said Cliff Graham, Chief Executive Officer of Avantus. “Aratina 1 will be the flagship project coming online under our operating platform, and our continued partnership with Truist reflects their confidence in our ability to deliver reliable, large-scale solar and storage for California.”

“Truist is proud to finalize this significant tax equity transaction with Avantus, supporting their Aratina 1 utility-scale solar and battery storage initiative,” said Chris Nygren, Head of Tax Equity at Truist Bank. “This deal reflects Truist’s commitment to building better lives and communities and underscores our tax equity strategy of establishing long-term partnerships that drive both economic and environmental value.”

Aratina 1 will deliver 200 megawatts (MW) of solar and 500 megawatt-hours (MWh) of energy storage capacity to the California grid. The project is creating local jobs and generating significant tax revenue for Kern County to support the local economy throughout construction and operations. Construction is well underway, with peak headcount reaching approximately 500 people in 2025, and commercial operations on track for 2026.

By connecting to the California grid, the project will add reliable power that enhances the state’s overall grid capacity and stability. Long-term power purchase agreements with Community Choice Aggregators (CCAs) will enable communities to access cost-competitive clean energy for decades to come.

Avantus continues to advance one of the nation’s largest pipelines of solar and energy storage projects, with approximately 24 gigawatts (GWdc) of solar and 94 gigawatt hours (GWh) of energy storage under development across the Western United States.

White & Case served as legal counsel for Avantus on this transaction.

Milbank LLP served as legal counsel and CCA served as advisor for Truist on this transaction.