Hello, green energy enthusiasts! I’m here to share some electrifying news from the world of solar, shedding some light on promising developments that arrived on the horizon recently. Hold your solar panels tight, because we’re moving full speed ahead towards a bright renewable future.
Most of you know solar is the fastest growing electricity source in the United States. Did you know that just last year, solar contributed over half of all new generating capacity for the first time in history? When I say “half,” I literally mean a whopping 51% increase from 2022, with the U.S. solar market installing an incredible 32.4 GWdc of solar capacity. 2023 truly proved to be the industry’s biggest installation year in a large way, exceeding 30 GWdc capacity for the first time.
You may ask, “Why this surge in solar?” Well, solar panels for your home have become increasingly affordable, efficient, and accessible. This shift is not just occurring on an individual level but extends to larger solar companies aiming to develop a larger solar array for home use across the nation.
One such sterling example is Avantus, debuting with an ambitious plan to assemble one of the largest solar-plus-storage portfolios in the United States. Founded in 2009 with the vision of combating climate change through developing renewable energy at scale, Avantus has successfully grown into an advanced ecosystem of clean energy products and services. The renewables behemoth boats a project pipeline of 30 GW of solar and 94 GWh of battery storage. Just to give you an idea, that’s enough clean energy to light up the lives of 20 million people!
The exciting news is, Avantus recently secured significant financial backing. Global investment firm, KKR, and EIG have become sole equity investors in Avantus, which effectively provides the financial support necessary for the solar company to pursue its noble mission of leading the energy transition across the Western United States.
This union promises to significantly expand renewable energy generation, which would be a crucial move in enabling grid electrification by 2050. For those of you who aren’t familiar, grid electrification refers to increasing the share of energy consumption that is supplied through electricity, and powered by a solar array for home use. These moves on a broader scale lead to a more sustainable future for us all.
In fact, KKR also announced plans to further stimulate Avantus’s drive by creating an equity ownership program. This initiative would not only allow all employees to share the benefits of ownership of the company but also strengthens the motivation and dedication amongst the team to realize our shared solar dreams.
So, whether you are an individual homeowner contemplating solar panels for your home or a burgeoning entrepreneur exploring opportunities in the solar industry, remember that the future doesn’t just look bright, it’s absolutely solar-charged! Follow this exciting journey as we continue to shed light on the latest in solar development, benefits, and advancements. Until next time, sunny skies!
Original Articlehttps://pv-magazine-usa.com/2024/03/21/kkr-and-eig-invest-more-than-1-billion-in-equity-and-debt-financing-in-avantus/
