Milbank LLP advised the lenders in connection with the closing of a $1.05 billion upsized corporate credit facility for Avantus, a leading developer, owner and operator of utility-scale solar and storage projects, backed by strategic investments from KKR and EIG. The upsized facility doubles the $522 million facility previously put in place in July 2024 on which Milbank also advised the lenders.
The expanded facility will advance Avantus’ independent power producer (IPP) strategy and accelerate the execution of its portfolio across core markets in California and the Desert Southwest. The company’s development pipeline totals 24 gigawatts (GW) of system capacity, including 13 GW of solar integrated with 44 gigawatt-hours (GWh) of storage.
“This transaction underscores the critical role that utility-scale solar and storage assets play in meeting America’s growing energy demands,” said Dan Bartfeld, Global Project, Energy and Infrastructure Finance Group chair. “Representing the lenders in a financing of this scale — one that doubles Avantus’ prior facility and brings together a broad consortium of leading financial institutions — reflects the deep confidence the market has in the company’s platform and the renewables sector more broadly.”
Global Project, Energy and Infrastructure Finance partner Sean O'Neill added: “As power demand continues to grow, developers require substantial and flexible sources of capital to advance utility-scale renewable energy projects. We are proud to support Avantus and its lenders in accelerating the deployment of critical energy infrastructure.”
The Milbank team was led by Mr. Bartfeld and Mr. O’Neill, and included Global Project, Energy and Infrastructure Finance partner Séverine Losembe and associates Sarah Tonkin and Tracy Lindsay.
