EXECUTIVE SUMMARY
Truist Bank has committed $300 million in tax equity to Avantus’ Aratina 2 project in California. The financing completes the project’s capital package following more than $525 million in construction financing. Aratina 2 combines 150 MW of solar generation with 452 MWh of battery storage and is expected online by end-2026.
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US utility-scale solar and storage developer, owner and operator Avantus has secured a $300 million tax equity commitment from Truist Bank for its Aratina 2 solar and battery storage project in Kern County, California. The transaction completes the capital package required to finish construction of the project and move it into Avantus’ operating portfolio.
The tax equity commitment follows more than $525 million in construction financing secured by Avantus in July 2026 from BBVA, CIBC and Santander. According to the company, the Truist transaction represents the second tax equity investment between the two companies following their earlier work on Aratina 1.
Aratina 2 is currently under construction and is expected to become operational by the end of 2026. The project will provide 150 MW of solar generation and 452 MWh of battery energy storage capacity to the California grid. Construction is supporting more than 300 union jobs, while permanent operations and maintenance positions are expected during the project's operating life.
The project is backed by 15-year power purchase agreements with Southern California Edison. Avantus plans to operate Aratina 2 and maintain a controlling stake in the project as part of its independent power producer strategy.
Aratina 2 represents the second phase of the wider Aratina Solar Center. Together, Aratina 1 and Aratina 2 will provide 350 MW of solar generation and 952 MWh of battery storage capacity. Aratina 1 reached commercial operations in July 2026.
Avantus expects to bring 788 MW of solar and storage capacity online by the end of 2026, while another 800 MW is under construction. Its broader development pipeline includes more than 24 GW of solar and storage capacity.
The company has also recently secured an upsized $1.05 billion corporate credit facility to support development across California and the Desert Southwest. Separately, Avantus signed a 20-year PPA for Rexford 2, a 200 MW solar and 800 MWh battery storage project in Tulare County, California. White & Case advised Avantus on the Aratina 2 tax equity transaction, while Milbank LLP advised Truist.