Avantus has closed a financing package exceeding $300 million to support construction of the Kitt Solar and Energy Storage Project in Pinal County, Arizona. The funding was arranged with Banco Bilbao Vizcaya Argentaria and Canadian Imperial Bank of Commerce, providing critical capital for one of the region’s expanding clean energy initiatives.
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Located in the city of Eloy, the Kitt project includes 100 MWac / 130 MWdc of solar generation capacity paired with 400 MWh of battery energy storage. The facility is currently under construction and is expected to create up to 500 construction jobs, with commercial operations anticipated by the end of 2026.
The financing package includes construction funding, a tax equity bridge loan, and letters of credit designed to support project development through completion.
“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.”
The project comes as Arizona faces rising electricity demand driven by population growth, economic expansion, and increasingly extreme summer temperatures. Utility-scale solar paired with battery storage is viewed as a key solution to stabilize the grid while expanding renewable energy supply.
“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.”
The Kitt project has secured a power purchase agreement with Arizona Public Service, the state’s largest electric utility. Once operational, the facility will generate enough electricity to serve approximately 32,000 homes across Arizona.
The integrated battery storage system will store excess solar power generated during daylight hours and release it during periods of high electricity demand, including evening peak hours and extreme weather events.
Engineering, procurement, and construction services for the project are being provided by RES, while energy storage technology and integration are being supplied by Fluence through its Gridstack Pro battery storage platform.
“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.”
Beyond energy production, the project is expected to generate more than $25 million in local tax revenue over its lifetime. Those funds are anticipated to support public services such as schools, emergency services, and local infrastructure improvements in surrounding communities.
Legal advisory services for the financing were provided by White & Case, Fennemore Craig, Akin Gump Strauss Hauer & Feld, and Quarles & Brady.
Avantus continues to expand its renewable energy footprint across the western United States, with a development pipeline totaling approximately 24 gigawatts of solar capacity and 75 gigawatt-hours of energy storage projects currently in development.
Originally reported by Business Wire.
