Avantus

Last updated
Avantus
Industry PV power plants manufacturer
Founded2009;16 years ago (2009)
Founder
Headquarters
United States
Owner
  • KKR (2024–present)
Website avantus.com

Avantus, formerly known as 8minute Solar Energy, is an American photovoltaic (PV) developer of utility-scale PV power plants and energy storage. Founded in 2009 by Tom Buttgenbach and Martin Hermann, [1] it was acquired by KKR fifteen years later. [2]

Contents

History

In 2014, Kern County Board of Supervisors approved development of Redwood Solar Farm which received investment of $30 million by Macquarie Capital. [3] [4] [5] In 2018, it had raised $200 million through a joint venture with J.P. Morgan Asset Management and Upper Bay Infrastructure Partners for its pipeline of utility-scale solar projects. [6] [7]

A 25 year pact was signed with Los Angeles Department of Water and Power in 2019. [8]

In July 2019, the company sold its Holstein solar project to Duke Energy. [9] [10] The Holstein project was the company's first completed development in Texas, with approximately 709,000 solar panels on 1,300 acres in Wingate, Texas. [11]

In early 2020, 8minute Solar Energy received investments from the University of California system, J.P. Morgan Asset Management and Upper Bay Infrastructure Partners to fund development of solar projects. [12] In 2022, the same year that the University of California filed a lawsuit against the firm, [13] 8minute Solar Energy announced they had secured $400 million in financing from institutional investor EIG. [14] [15]

In March 2024, two years after being rebranded as Avantus, [16] [17] [18] it was announced a majority stake in the company had been acquired by the US private equity company KKR for an undisclosed amount. [19] The acquisition was completed three months later.

Developments

It has developed solar farms that includes Eagle Shadow Mountain Solar Farm which is a 420 MWp (300 MWAC) photovoltaic power station north of Las Vegas, Clark County, Nevada. [20] [21] Mount Signal Solar which is a 594 MWp (460 MWAC) photovoltaic power station west of Calexico, California, [22] [23] [24] a 137 MW Springbok Solar Farm and the 191 MW Springbok 2 solar project, both located in Kern County, California. [25] [26]

See also

References

  1. ↑ "US company, 8minutenergy, to build 4 GW of solar capacity in India". @businessline. Retrieved 2019-02-11.
  2. ↑ "KKR completes acquisition of solar specialist Avantus". Private Equity Wire. Retrieved 2024-10-25.
  3. ↑ Glover, Mark (2014-10-21). "Folsom's 8minutenergy to develop solar projects in Kern County". The Sacramento Bee. ISSN   0890-5738 . Retrieved 2019-02-11.
  4. ↑ "Macquarie Infrastructure Development". www.macquarie.com. Retrieved 2019-02-11.[ permanent dead link ]
  5. ↑ Goosens, Ehren (August 5, 2014). "Edison to Buy 457 Megawatts of Solar From 8minutenergy". Bloomberg.
  6. ↑ "U.S. solar developer 8minutenergy in $200 million joint venture". Reuters. 2018-12-11. Retrieved 2019-02-19.
  7. ↑ "8minutenergy, J.P. Morgan and Upper Bay Form $200M Joint Venture for Solar Project | Los Angeles Business Journal". labusinessjournal.com. Retrieved 2019-02-19.
  8. ↑ Roth, Sammy (September 10, 2019). "Los Angeles OKs a deal for record-cheap solar power and battery storage". Los Angeles Times . Retrieved September 11, 2019.
  9. ↑ Eric Wesoff (August 12, 2020). "The best little utility-scale solar roundup in Texas". PV Magazine. Retrieved August 20, 2020.
  10. ↑ Misbrener, Kelsey. "Duke Energy acquires its largest solar project yet". Solar power world.
  11. ↑ Kelsey Misbrene (July 7, 2020). "8minute Solar Energy brings first project online in Texas". Solar Power World. Retrieved August 20, 2020.
  12. ↑ Kate Finma (April 27, 2020). "UC invests in solar power developer 8minute Solar Energy". The Daily Californian. Retrieved August 20, 2020.
  13. ↑ Garcia, Luis (31 January 2022). "University of California Sues 8minute Solar, Seeking $1.22 Billion". Wall Street Journal . Archived from the original on 31 January 2022.
  14. ↑ "8minute energy closes $400 million in financing from EIG". pv magazine USA. 2022-01-19. Retrieved 2022-12-08.
  15. ↑ "8minute Solar Energy Closes $400 Million in Financing from EIG". businesswire.
  16. ↑ "8minute Solar Energy expands services and rebrands as Avantus". solar power world.
  17. ↑ scully, jules. "US developer 8minute Solar Energy rebrands as Avantus". pv.
  18. ↑ "Avantus Launches Out of 8minute Solar Energy to Redefine the Energy Sector". businesswire.
  19. ↑ Akella, Surya (2024-03-21). "KKR to acquire majority stake in Avantus". Power Technology. Retrieved 2024-03-21.
  20. ↑ Kahn, Brian. "Solar Just Hit a Record Low Price In the U.S." Earther. Retrieved 2019-02-11.
  21. ↑ "NV Energy 2.3-cent solar contract could set new price record". Utility Dive. Retrieved 2019-02-11.
  22. ↑ Woody, Todd. "U.S. Solar Industry Booming Despite China Trade War". Forbes. Retrieved 2019-02-11.
  23. ↑ "Folsom's 8minutenergy gets approval for largest solar farm". www.bizjournals.com. Retrieved 2019-02-11.
  24. ↑ "8minutenergy Renewables breaks ground on first phase of 800MW PV project". PV Tech. Retrieved 2019-02-11.
  25. ↑ "8minutenergy And D. E. Shaw Start Construction Of 191 MW Springbok 2 Solar Farm - Solar Industry". Solar Industry. 2015-12-15. Retrieved 2019-02-11.
  26. ↑ "Solar Farm in California Selling Power 58% Below State Average". Bloomberg NEF. Retrieved 2019-02-11.
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