BBVA Joins $300M+ Financing for Arizona’s 100MW Solar, 400MWh Storage
BBVA and CIBC provided over $300 million financing for Avantus’ Kitt Solar and Energy Storage Project in Arizona, supporting 100 MWac solar and 400 MWh storage capacity. The package includes construction funding, a tax equity bridge loan and letters of credit for the under-construction facility set to start operations by year-end.
1. Financing Structure
BBVA and CIBC provided a financing package exceeding $300 million to support construction funding, a tax equity bridge loan and letters of credit for the Kitt Solar and Energy Storage Project.
2. Project Details
The facility in Pinal County, Arizona, will feature 100 MWac/130 MWdc of solar generation and a 400 MWh battery system, operating under a power purchase agreement with Arizona Public Service to bolster grid resilience.
3. Strategic Implications for BBVA
This transaction highlights BBVA’s ability to structure complex utility-scale renewable energy financing, reinforcing its project finance expertise and commitment to sustainable infrastructure growth in key U.S. markets.
4. Timeline and Outlook
The Kitt Solar and Energy Storage Project is slated to begin commercial operations by year-end, contributing to Avantus’s 24 GW solar and 75 GWh storage development pipeline across the western United States.