Avantus Closes Over $300 Million in Construction Financing with BBVA and CIBC for Kitt Solar and Energy Storage Project

Kitt approaches peak construction, expected to create up to 500 jobs and help fortify Arizona's grid against surging energy demand

SAN DIEGO--(BUSINESS WIRE)--Avantus has closed 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 (Kitt). Located in Pinal County, Arizona within the City of Eloy, Kitt features 100 MWac/130 MWdc of solar and 400 MWh of energy storage.

The financing package includes construction funding, a tax equity bridge loan, and letters of credit. Currently under construction, Kitt is expected to create up to 500 construction jobs and reach commercial operation by the end of 2026.

“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.”

“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.”

The project has a signed Power Purchase Agreement (PPA) with Arizona Public Service (APS), with the capacity to serve up to 32,000 Arizona homes. The 400 MWh battery storage system will play a vital role in grid resilience, storing solar energy during the day and dispatching it during evening peak demand hours and major weather events—a critical capability as Arizona prepares for growing energy demand and hotter summers.

Once operational, Kitt is estimated to generate over $25 million in local tax revenues to benefit local services, such as schools, public safety and infrastructure throughout its lifespan.

RES is providing the engineering, procurement and construction (EPC) services for the project with Fluence providing their Gridstack Pro battery energy storage system (BESS) 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 United States, which includes approximately 24 gigawatts (GWdc) of solar and 75 gigawatt hours (GWh) of energy storage under development across the Western United States.

About Avantus

Avantus develops, owns, and operates utility-scale clean energy projects across California and the Desert Southwest. Our development pipeline represents one of the nation's largest portfolios of solar with integrated storage, capable of providing dispatchable power to 17 million Americans, day and night. With over a decade of industry leadership and strategic investment from KKR and EIG, Avantus delivers affordable, reliable clean energy solutions that meet America’s growing energy demand.

For more information, please visit www.avantus.com, and follow Avantus on LinkedIn.