Avantus
| Industry | PV power plants manufacturer |
|---|---|
| Founded | 2009 |
| Founder |
|
| Headquarters | |
| Owner |
|
| Website | avantus |
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]
History
[edit]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
[edit]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
[edit]References
[edit]- ^ "US company, 8minutenergy, to build 4 GW of solar capacity in India". @businessline. Retrieved 2019-02-11.
- ^ "KKR completes acquisition of solar specialist Avantus". Private Equity Wire. Retrieved 2024-10-25.
- ^ 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.
- ^ "Macquarie Infrastructure Development". www.macquarie.com. Retrieved 2019-02-11.[permanent dead link]
- ^ Goosens, Ehren (August 5, 2014). "Edison to Buy 457 Megawatts of Solar From 8minutenergy". Bloomberg.
- ^ "U.S. solar developer 8minutenergy in $200 million joint venture". Reuters. 2018-12-11. Retrieved 2019-02-19.
- ^ "8minutenergy, J.P. Morgan and Upper Bay Form $200M Joint Venture for Solar Project | Los Angeles Business Journal". labusinessjournal.com. Retrieved 2019-02-19.
- ^ 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.
- ^ Eric Wesoff (August 12, 2020). "The best little utility-scale solar roundup in Texas". PV Magazine. Retrieved August 20, 2020.
- ^ Misbrener, Kelsey. "Duke Energy acquires its largest solar project yet". Solar power world.
- ^ Kelsey Misbrene (July 7, 2020). "8minute Solar Energy brings first project online in Texas". Solar Power World. Retrieved August 20, 2020.
- ^ Kate Finma (April 27, 2020). "UC invests in solar power developer 8minute Solar Energy". The Daily Californian. Retrieved August 20, 2020.
- ^ 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.
- ^ "8minute energy closes $400 million in financing from EIG". pv magazine USA. 2022-01-19. Retrieved 2022-12-08.
- ^ "8minute Solar Energy Closes $400 Million in Financing from EIG". businesswire.
- ^ "8minute Solar Energy expands services and rebrands as Avantus". solar power world.
- ^ scully, jules. "US developer 8minute Solar Energy rebrands as Avantus". pv.
- ^ "Avantus Launches Out of 8minute Solar Energy to Redefine the Energy Sector". businesswire.
- ^ Akella, Surya (2024-03-21). "KKR to acquire majority stake in Avantus". Power Technology. Retrieved 2024-03-21.
- ^ Kahn, Brian. "Solar Just Hit a Record Low Price In the U.S." Earther. Retrieved 2019-02-11.
- ^ "NV Energy 2.3-cent solar contract could set new price record". Utility Dive. Retrieved 2019-02-11.
- ^ Woody, Todd. "U.S. Solar Industry Booming Despite China Trade War". Forbes. Retrieved 2019-02-11.
- ^ "Folsom's 8minutenergy gets approval for largest solar farm". www.bizjournals.com. Retrieved 2019-02-11.
- ^ "8minutenergy Renewables breaks ground on first phase of 800MW PV project". PV Tech. Retrieved 2019-02-11.
- ^ "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.
- ^ "Solar Farm in California Selling Power 58% Below State Average". Bloomberg NEF. Retrieved 2019-02-11.