Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects, has announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR have agreed to acquire a majority interest in Avantus. As part of the transaction, KKR and existing investor EIG have secured development financing commitments alongside their equity commitments to Avantus representing upwards of $1 billion in the aggregate. Pillsbury represented certain key unitholders in connection with the historic deal, which marks the first U.S. investment from KKR’s global climate strategy.

According to its website, Avantus supports solar and energy storage development throughout the project lifecycle—from selecting a project site through operations—and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of successful development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S. Since its founding in 2009, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.

To learn more about the transaction, click here, here and here.

The Pillsbury team was led by Corporate partner and global co-leader of Pillsbury’s Mergers & Acquisitions and Private Equity practices Jarrod Murphy and included Corporate senior counsel Nate Cartmell, Tax partners Julie Divola and Brett Willis and Intellectual Property partner Josh Tucker.