Market Signal: developers are keeping what they build
Avantus closed a $300 million tax equity commitment for Aratina 2, its third raise since July as it becomes an owner.
Avantus closed a $300 million tax equity commitment from Truist Bank for Aratina 2, a 150MW solar and 452MWh storage project in Kern County, California. That sits on top of $525 million of construction financing in July and a corporate credit facility above $1 billion earlier this month.
The signal These raises sit at the corporate level, not the project level. Avantus is keeping an ownership stake in Aratina and running the assets. Selling at COD is giving way to holding for 20 years.
Hiring A developer needs origination, development, and interconnection. An owner needs Asset Managers, Commercial Managers running route to market, and Directors of Project Finance who close repeatedly rather than once. Development skill does not transfer to dispatch optimization.