Clean energy provider Avantus said it has closed a financing package of more than $300 million with Banco Bilbao Vizcaya Argentaria (BBVA) and the New York branch of Canadian Imperial Bank of Commerce for the Kitt Solar and Energy Storage Project in Pinal County, Arizona.
The installation, located in Eloy, features 100 MWac/130 MWdc of solar power generation capacity, and 400 MWh of energy storage. Avantus on March 4 said the financing package includes construction funding, a tax equity bridge loan, and letters of credit.
The Kite facility is currently under construction; it is expected to enter commercial operation by the end of this year.
“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.”
“We are proud to support Avantus in delivering critical clean energy infrastructure at a pivotal moment for Arizona’s power system,” said Eugene Kasozi, managing director in charge of the Cleantech sector for BBVA. “This financing highlights BBVA’s ability to structure and deliver comprehensive capital solutions for complex, utility-scale solar and storage projects, ensuring disciplined execution during construction. By partnering with Avantus on projects of this scale, BBVA continues to deploy its project finance expertise to back infrastructure that enhances grid resilience and supports sustained power demand growth in key U.S. markets.”
The project has a power purchase agreement with Arizona Public Service. Avantus said the 400-MWh battery storage system will support grid resilience by storing solar energy during the day, and dispatching it during evening peak demand hours. It also will backstop the grid during weather events, including extreme heat that is common in Arizona.
“We are pleased to have supported the financing with Avantus on a project that reflects our shared commitment to advancing reliable and sustainable infrastructure,” said Ines Serrao, managing director and co-head, U.S. Project Finance & Infrastructure, Canadian Imperial Bank of Commerce. “The facility will deliver meaningful benefits to the local community, while strengthening grid reliability and meeting the region’s power demand.”
RES is providing the engineering, procurement, and construction services for the project. Fluence is providing its Gridstack Pro battery energy storage system technology and integration.
White & Case LLP served as Borrower’s counsel on the transaction, with Fennemore Craig, P.C. serving as local counsel. Akin Gump LLP served as counsel to the financing parties, with Quarles & Brady LLP serving as local counsel.
Avantus has one of the largest pipelines of solar and energy storage projects in the U.S., which includes about 24 GW of solar and 75 GWh of energy storage under development across the western U.S.
—Darrell Proctor is a senior editor for POWER.
