US private equity investor KKR has agreed to acquire a majority stake in Avantus, a US-based developer of utility-scale solar and solar-plus-storage projects.

Financial details of the transaction have not been disclosed.

KKR and its existing investor EIG will become the only equity investors in Avantus.

Both companies have committed to supporting Avantus’ continued growth, which includes securing a development financing facility in addition to their equity investments, with the total commitment exceeding $1bn.

Avantus, established in 2009, is involved in the life cycle of solar and energy storage development from site selection to operational management.

The company has 94GWh of battery storage capacity and 30GW of solar power in pipeline projects.

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It has established a development track record in the south-western US and California power markets.

Since its inception, Avantus has developed and sold 6.5GW of solar and 6.3GWh of storage projects.

KKR partner and global climate strategy co-head Charlie Gailliot stated: “To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus.

“The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers. We are delighted to support Avantus in realising its full potential.”

KKR plans to implement an equity ownership programme for Avantus employees, allowing them to share in the company’s ownership benefits.

KKR has proposed a €2.8bn ($3.06bn) bid to acquire German renewable energy company Encavis.

Its subsidiary has made an investment agreement to commence a voluntary public takeover offer for all Encavis’ outstanding free-floating shares at €17.50 per share.