Avantus, a U.S. developer, owner, and operator of utility-scale solar and energy storage projects, has closed a $1.05 billion corporate credit facility to support the expansion of its renewable energy portfolio.

The new facility doubles the company’s previous $522 million corporate credit facility, established in July of 2024.

According to Avantus, the additional capital will support its transition to an independent power producer (IPP) model and accelerate project development across its core markets in California and the Desert Southwest.

Avantus said its development pipeline totals 24 GW of capacity, including 13 GW of solar projects paired with 44 GWh of energy storage.

The lending consortium includes existing lenders that extended or increased their commitments, including Sumitomo Mitsui Banking Corporation, which serves as administrative agent, collateral agent, and lead arranger.

Existing lead arrangers ING Capital, HSBC, KKR, and Truist Securities also participated in the financing. New lead arrangers include BHI (Bank Hapoalim), Canadian Imperial Bank of Commerce, KeyBanc Capital Markets, Mizuho, National Bank of Canada Capital Markets, and Natixis Corporate & Investment Banking.

“This financing is a clear signal of our strategic partners’ confidence in our ability to execute and grow as an independent power producer,” said Cliff Graham, Chief Executive Officer of Avantus. “It gives us the financial strength and scale to deliver the affordable, reliable power millions of Americans depend on.”

In July of this year, Avantus announced the commercial operation of the Aratina 1 project in Kern County, California. The project combines 200 MW of solar generation with 500 MWh of energy storage.

In March this year, the company secured a financing package of more than $300 million from Banco Bilbao Vizcaya Argentaria and Canadian Imperial Bank of Commerce, New York Branch 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.

According to Avantus, it expects to bring 788 MW of capacity into commercial operation and have an additional 800 MW under construction by the end of 2026.

Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A report.