Private investment firm KKR is to acquire a majority stake in Avantus, a US developer of large utility-scale solar and solar-plus-storage projects. Following the close of the transaction, KKR and existing investor EIG, will be the sole equity investors in the company.
According to a press statement, both equity sponsors are dedicated to supporting the next phase of Avantus’ growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1bn in aggregate.
Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power.
Following the closing of the transaction, KKR will support Avantus in creating an equity ownership programme to provide all employees the opportunity to participate in the benefits of ownership of the company.
Jefferies LLC acted as sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company. Scotiabank served as financial advisor to Avantus.
Read more: Private Equity Wire
Can’t stop reading? Read more
Top private equity news of the week
Top private equity news of the week Global Infrastructure Partners and EQT have agreed to acquire...
Advent considers $4bn divestment of naval defense business Ultra Maritime
Advent considers $4bn divestment of naval defense business Ultra Maritime Advent International is...
EQT backs launch of UK tax challenger WTS to rival Big Four
EQT backs launch of UK tax challenger WTS to rival Big Four EQT is backing the launch of WTS UK, a...