Alternative asset and private equity investor KKR announced the completion of the acquisition of a majority stake in U.S. solar and storage developer Avantus that was announced in March.

Concurrently, Avantus announced it has closed on a $522 million development facility arranged by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC).

Founded in 2009, California-based Avantus develops and sells or operates large utility-scale solar and solar-plus-storage projects, with a focus on the southwestern U.S. and California power markets.

The proceeds will be used to accelerate the build-out of Avantus’ pipeline of more than 30 gigawatts (GWdc) of solar and 94 GW hours (GWh) of energy storage across the Western United States, and to fund key activities, including security postings for power purchase agreements (PPAs), interconnection agreements, and procurement deposits.

Cecilio Velasco, Managing Director in KKR’s Infrastructure team said:

“There is enormous opportunity ahead for Avantus, and we look forward to supporting the company in this next phase of growth. The need for clean energy in the United States is increasing substantially, driven by many factors including data center demand, the rise of artificial intelligence, and growth in electrification. Avantus is well positioned to capitalize on these tailwinds.”

With the close of the transaction, KKR and EIG, a leading institutional investor in the global energy and infrastructure sectors, are the sole equity investors in Avantus. KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy.

Stephanie Perry, Chief Operating Officer at Avantus said:

“This announcement is a ringing endorsement of our proven team at Avantus, providing us the capital to advance our portfolio and develop high-performing, high-value clean energy projects. We are excited to work with KKR and our existing investor EIG to achieve our growth plans and build on our track record of delivering record-breaking clean energy solutions that will decarbonize our planet at scale.”