Business
Avantus Closes Over $300 Million in Construction Financing with BBVA and CIBC for Kitt Solar and Energy Storage Project
SAN DIEGO, March 04, 2026--Avantus has closed a financing package of more than $300 million with Banco Bilbao Vizcaya Argentaria (BBVA) and Canadian Imperial Bank of Commerce, New York Branch (CIBC) for the Kitt Solar and Energy Storage Project (Kitt). Located in Pinal County, Arizona within the City of Eloy, Kitt features 100 MWac/130 MWdc of solar and 400 MWh of energy storage.
About this update from Banco Bilbao Vizcaya Argentaria, S.a.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":222,"url":"https://media.zenfs.com/en/business-wire.com/47516762c0d280d9a3ef7f69169d0af0"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/8RkbvFdK0AlOx84S8TLmUQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ0NDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/47516762c0d280d9a3ef7f69169d0af0","width":480,"height":222}},"lazy":false},{"type":"text","content":"Kitt approaches peak construction, expected to create up to 500 jobs and help fortify Arizona's grid against surging energy demand","length":134,"tagName":"p","attribs":{}},{"type":"text","content":"SAN DIEGO, March 04, 2026--(BUSINESS WIRE)--Avantus has closed a financing package of more than $300 million with Banco Bilbao Vizcaya Argentaria (BBVA) and Canadian Imperial Bank of Commerce, New York Branch (CIBC) for the Kitt Solar and Energy Storage Project (Kitt). Located in Pinal County, Arizona within the City of Eloy, Kitt features 100 MWac/130 MWdc of solar and 400 MWh of energy storage.","length":399,"tagName":"p"},{"type":"text","content":"The financing package includes construction funding, a tax equity bridge loan, and letters of credit. Currently under construction, Kitt is expected to create up to 500 construction jobs and reach commercial operation by the end of 2026.","length":237,"tagName":"p"},{"type":"text","content":""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."","length":415,"tagName":"p"},{"type":"text","content":""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 par...