Avantus secures $300m in tax equity for Aratina 2 solar storage project. The tax equity investment marks the latest stage of financing for Aratina 2, which is currently under construction. US-based energy company Avantus has obtained a $300m tax equity commitment from Truist Bank to support the development of the Aratina 2 solar and battery storage project in Kern County, California. The new funding follows more than $525m in construction financing the company secured for the project in the previous month from CIBC, BBVA and Santander. The tax equity investment marks the latest stage of financing for Aratina 2, which is currently under construction and scheduled to begin operations by the end of 2026. The project has an installed capacity of 150MW of solar generation and 452MW-hours (MWh) of battery storage, and will serve the California grid. It will deliver enough electricity to power nearly 75,000 homes each year. Avantus entered into 15-year power purchase agreements with Southern California Edison for the output from Aratina 2. Truist Bank Tax Equity head Chris Nygren said: "Truist is pleased to finalise this second tax equity investment with Avantus and provide Aratina 2 with this important financing. "Building on the foundation we established with Aratina 1, this transaction deepens a partnership rooted in our shared goals of building sustainable infrastructure that creates economic and environmental value for the region and beyond." Aratina 2 is expected to create more than 300 union construction jobs and will generate permanent operations and maintenance roles during its operational life. The project forms the second phase of the Aratina Solar Center, with the first phase, Aratina 1, achieving commercial operations last month. Combined, the Aratina Solar Center phases will produce 350MW of solar power and 952MWh of storage capacity. Avantus, which operates as an independent power producer, plans to maintain a controlling interest in both Aratina 1 and Aratina 2. The company aims to add 788MW of new solar and storage capacity by the end of 2026, with an additional 800MW currently under construction. Its development pipeline includes more than 24GW of solar and storage projects. White & Case advised Avantus on legal matters for the transaction, while Milbank acted as legal counsel for Truist Bank. Give your business an edge with its leading industry insights.

Avantus secures $300 million tax equity for California solar and storage project. By CEP Staff - 25 August 2026 in News Avantus has closed a $300 million tax equity commitment from Truist Bank for the Aratina 2 solar and battery storage project in Kern County, California. Not already a subscriber? As a subscriber, you have reached this page because you are not logged in.

Avantus closes $300 million tax equity commitment for Aratina 2 solar and storage facility. The funding adds to $525 million in construction financing announced in July, helping to bring the 150 MW solar and 452 MWh storage facility to fruition by the end of 2026. Aug 24 2026 San Diego-based utility-scale solar and energy storage developer Avantus has announced the closing of a $300 million tax equity commitment from Truist Bank for its Aratina 2 solar and storage facility in Kern county, California. The new commitment adds to $525 million in construction financing the company secured in July, which will go toward building the facility. The $300 million commitment was first announced alongside that funding. "Tax equity is the final piece of financing Aratina 2 needs to complete construction and enter our operating portfolio later this year," said Avantus senior VP of project finance Michael Joh, in a statement. "This is our second tax equity investment with Truist, reflecting their confidence in our strategy and our track record of delivering high-quality projects across California and the Desert Southwest." Aratina 2 is a 150 MW solar and 452 MWh battery installation near the site of Avantus's 200 MW/500 MWh Aratina 1 project, which achieved commercial operation last month. Together, the two installations make up the Aratina Solar Center. Avantus plans to maintain an ownership stake in both projects and oversee their operation, with electricity from Aratina 1 being sold to Central Coast Community Energy (3CE) and Silicon Valley Clean Energy (SVCE) under 20-year power purchase agreements (PPAs), and energy from Aratrina 2 being sold to Southern California Edison (SCE) under a 15-year PPA. Truist also took part in the financing for Aratina 1, committing a similar $300 million in tax equity financing and participating in the $500 million in construction financing through its Truist Securities investment banking arm. "Truist is pleased to finalize this second tax equity investment with Avantus and provide Aratina 2 with this important financing," said Truist Bank's head of tax equity, Chris Nygren, in a statement. "Building on the foundation we established with Aratina 1, this transaction deepens a partnership rooted in our shared goals of building sustainable infrastructure that creates economic and environmental value for the region and beyond." The Aratina projects are key pieces of Avantus's plan to bring 788 MW of solar and storage online this year. The company said it expects to hit that goal and have an additional 800 MW under construction by the end of 2026. Avantus says its development pipeline now totals more than 24 gigawatts of solar and storage capacity across the desert southwest, with projects active in California, Arizona, Nevada and Texas. Earlier in August, Avantus closed a corporate credit facility of more than $1 billion to fund its project pipeline and support its transition from a developer to an independent power producer (IPP). This content is protected by copyright and may not be reused. If you want to cooperate with PV Magazine Group and would like to reuse some of its content, please contact: [email protected]. More about