Avantus, a developer of utility-scale solar and solar-plus-storage projects, secured a financing package of more than $300 million with Banco Bilbao Vizcaya Argentaria (BBVA) and Canadian Imperial Bank of Commerce, New York Branch (CIBC) for the Kitt solar and energy storage project.
Located in Pinal County, Arizona, the project includes 100 MWac/130 MWdc of solar and 400 MWh of energy storage. RES is providing the engineering, procurement, and construction services for the project, with Fluence providing its Gridstack Pro battery energy storage systems technology and integration.
Currently under construction, the project is expected to create up to 500 construction jobs and is scheduled for commercial operation by the end of 2026.
The financing package comprises construction funding, a tax equity bridge loan, and letters of credit. The project benefits from a power purchase agreement with Arizona Public Service. White & Case acted as the borrower’s counsel, while Akin Gump served as the counsel to the financing parties.
“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 Avantus CEO Cliff Graham. “We’re grateful for BBVA and CIBC’s partnership in bringing this critical infrastructure to Arizona at a time when the state navigates mounting pressure on its electric grid.
Once operational, the Kitt hybrid project is estimated to generate over $25 million in local tax revenues to benefit local services.
In December, the company secured $300 million tax equity financing from Truist Bank to support the development of the Aratina 1 utility-scale solar and storage project in Kern County, California. Also, Avantus had sold its Catclaw solar and storage project to D. E. Shaw Renewable Investments in November 2024.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
