Avantus Secures $300M Financing for Arizona Solar-Plus-Storage Project

Avantus has secured more than $300 million in financing from Banco Bilbao Vizcaya Argentaria and Canadian Imperial Bank of Commerce to fund the Kitt Solar and Energy Storage Project in Pinal County, Arizona. 

The financing package includes construction funding, a tax equity bridge loan and letters of credit to support the development of the project, which features 100 MWac/130 MWdc of solar capacity paired with 400 MWh of battery storage. 

Currently under construction, the Kitt project is expected to create up to 500 construction jobs and reach commercial operations by the end of 2026. 

“The financing demonstrates the continued bankability and commercial viability of utility-scale solar and storage projects in the region, and Avantus’ growing presence in Arizona,” said Cliff Graham, CEO of Avantus. 

The project is backed by a long-term power purchase agreement with Arizona Public Service and is expected to provide enough electricity to power approximately 32,000 Arizona homes. 

Once operational, the project is projected to generate more than $25 million in local tax revenue. RES is providing engineering, procurement and construction services, while Fluence will supply its Gridstack Pro battery energy storage system and integration technology. 

White & Case LLP served as Borrower’s counsel on the transaction, with Fennemore Craig, P.C. serving as local counsel. Akin Gump LLP served as counsel to the financing parties, with Quarles & Brady LLP serving as local counsel.