Avantus Explained

Avantus, formerly known as 8minute Solar Energy, is an American photovoltaic (PV) developer of utility-scale PV power plants and energy storage.

History

2009 - 2018

It was founded by Tom Buttgenbach and Martin Hermann in 2009.[1]

In 2014, Kern County Board of Supervisors approved development of Redwood Solar Farm which received investment of $30 million by Macquarie Capital.[2] [3] [4]

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.[5] [6]

2019 - present

A 25 year pact was signed with Los Angeles Department of Water and Power in 2019.[7]

In July 2019, the company sold its Holstein solar project to Duke Energy.[8] [9]

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.[10]

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.[11]

In 2022, University of California filed a lawsuit against 8minute Solar.[12] The same year, 8minute Solar Energy announced they had secured $400 million in financing from institutional investor EIG.[13] [14]

8minute Solar rebranded the company to the name Avantus in 2022.[15] [16] [17] In March 2024, it was announced a majority stake in Avantus had been acquired by the US private equity company, KKR for an undisclosed amount.[18]

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.[19] [20] Mount Signal Solar which is a 594 MWp (460 MWAC) photovoltaic power station west of Calexico, California,[21] [22] [23] a 137 MW Springbok Solar Farm and the 191 MW Springbok 2 solar project, both located in Kern County, California.[24] [25]

See also

References

  1. News: US company, 8minutenergy, to build 4 GW of solar capacity in India. @businessline. 2019-02-11. en.
  2. News: Folsom's 8minutenergy to develop solar projects in Kern County. Glover. Mark . 2014-10-21. The Sacramento Bee. 2019-02-11. en-US. 0890-5738.
  3. Web site: Macquarie Infrastructure Development. www.macquarie.com . en. 2019-02-11.
  4. News: Edison to Buy 457 Megawatts of Solar From 8minutenergy. Goosens. Ehren. August 5, 2014. Bloomberg.
  5. News: U.S. solar developer 8minutenergy in $200 million joint venture. 2018-12-11. Reuters . 2019-02-19. en.
  6. Web site: 8minutenergy, J.P. Morgan and Upper Bay Form $200M Joint Venture for Solar Project Los Angeles Business Journal. labusinessjournal.com . 2019-02-19.
  7. News: Los Angeles OKs a deal for record-cheap solar power and battery storage. Roth. Sammy . 2019-09-10. Los Angeles Times. en-US. 2019-09-11 . mdy-all.
  8. News: The best little utility-scale solar roundup in Texas . Eric Wesoff . PV Magazine . August 12, 2020 . August 20, 2020.
  9. Web site: Misbrener . Kelsey . Duke Energy acquires its largest solar project yet . Solar power world.
  10. News: 8minute Solar Energy brings first project online in Texas . Kelsey Misbrene. Solar Power World . July 7, 2020 . August 20, 2020.
  11. News: UC invests in solar power developer 8minute Solar Energy . Kate Finma . The Daily Californian . April 27, 2020 . August 20, 2020.
  12. Web site: Garcia . Luis . University of California Sues 8minute Solar, Seeking $1.22 Billion . . 31 January 2022 . https://web.archive.org/web/20220131174139/https://www.wsj.com/articles/university-of-california-sues-8minute-solar-seeking-1-22-billion-11643630636 . 31 January 2022 . live.
  13. Web site: 2022-01-19 . 8minute energy closes $400 million in financing from EIG . 2022-12-08 . pv magazine USA . en-US.
  14. Web site: 8minute Solar Energy Closes $400 Million in Financing from EIG . businesswire.
  15. Web site: 8minute Solar Energy expands services and rebrands as Avantus . solar power world.
  16. Web site: scully . jules . US developer 8minute Solar Energy rebrands as Avantus . pv.
  17. Web site: Avantus Launches Out of 8minute Solar Energy to Redefine the Energy Sector . businesswire.
  18. Web site: Akella . Surya . 2024-03-21 . KKR to acquire majority stake in Avantus . 2024-03-21 . Power Technology . en-US.
  19. News: Solar Just Hit a Record Low Price In the U.S.. Kahn. Brian. Earther. 2019-02-11. en-US.
  20. News: NV Energy 2.3-cent solar contract could set new price record. Utility Dive. 2019-02-11. en-US.
  21. News: U.S. Solar Industry Booming Despite China Trade War. Woody. Todd. Forbes. 2019-02-11. en.
  22. Web site: Folsom's 8minutenergy gets approval for largest solar farm. www.bizjournals.com. 2019-02-11.
  23. News: 8minutenergy Renewables breaks ground on first phase of 800MW PV project. PV Tech. 2019-02-11. en.
  24. News: 8minutenergy And D. E. Shaw Start Construction Of 191 MW Springbok 2 Solar Farm - Solar Industry. 2015-12-15. Solar Industry. 2019-02-11. en-US.
  25. News: Solar Farm in California Selling Power 58% Below State Average. Bloomberg NEF. 2019-02-11. en-GB.

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