Avantus, a developer of utility-scale solar and solar-plus-storage projects, 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.
This tax equity investment follows Avantus’ June 2025 announcement of securing over $500 million in construction financing for the project. The financing package comprises both construction funding and letters of credit and was led by a consortium of lenders, including Sumitomo Mitsui Banking Corporation and Truist Securities.
The project will deliver 200 MW of solar and 500 MWh of energy storage capacity to the grid. Currently under construction, Aratina 1 project is scheduled for commercial operations in 2026. The project is expected to create local jobs and generate significant tax revenue for Kern County, supporting the local economy throughout construction and operations.
White & Case served as legal counsel for Avantus on this transaction. Milbank served as legal counsel, and CCA served as advisor for Truist on this transaction.
“Closing this tax equity investment is a major milestone for us as we establish ourselves as an independent power producer,” said Cliff Graham, Chief Executive Officer of Avantus. “Aratina 1 will be the flagship project coming online under our operating platform, and our continued partnership with Truist reflects their confidence in our ability to deliver reliable, large-scale solar and storage for California.”
“Truist is proud to finalize this significant tax equity transaction with Avantus, supporting their Aratina 1 utility-scale solar and battery storage initiative,” said Chris Nygren, Head of Tax Equity at Truist Bank. “This deal reflects Truist’s commitment to building better lives and communities and underscores our tax equity strategy of establishing long-term partnerships that drive both economic and environmental value.”
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In December, BayWa r.e., a renewable energy project developer, secured financing for the Jacumba Valley Ranch (JVR) Energy Park, which includes 90 MWac/127 MWdc solar and 70 MWac/280 MWh battery energy storage capacity located in Southeastern San Diego County, California.
