Grid Scale

Storage developer esVolta secures $185M credit facility

Storage developer esVolta secures $185M credit facility
(Credit: esVolta)

esVolta, a utility-scale storage developer, announced the completion of a $185 million senior secured credit facility.

The credit facility will provide esVolta with access to additional development capital and credit support to secure obligations primarily relating to interconnection, power purchase agreements, equipment deposits as well as early pre-NTP construction funding for the company’s growing 20+ GWh pipeline of standalone energy storage assets across the United States.

“Closing this financing represents an important strategic milestone for esVolta, as the facility will provide an efficient source of financing for our next wave of storage projects that are designed to help drive decarbonization of the US electric power grid,” Randolph Mann, CEO and Founder of esVolta, said.

Join us at GridTECH Connect California, June 24-26, 2024, in Newport Beach, CA! With some of the most ambitious sustainability and clean energy goals in the country, California is at the cutting edge of the energy transition while confronting its most cumbersome roadblocks. From electric vehicles to battery storage, microgrids, community solar, and everything in between, attendees will collaborate to advance interconnection procedures and policies in California.

Founded in 2017, esVolta, LP is a developer, owner, and operator of utility-scale energy storage projects across North America. The company’s portfolio of operational plus in-construction projects totals about 1.5 GWh of storage capacity, and the firm is developing a pipeline of future storage projects. In 2022, Generate Capital acquired esVolta.

Nomura Securities International, Inc. acted as Sole Lead Arranger and Bookrunner; Nomura Corporate Funding Americas, LLC acted as Administrative Agent (together, “Nomura”). Copenhagen Infrastructure Partners through its Green Credit Fund I, and Voya, participated in the financing. esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP, and Nomura was represented by Norton Rose Fulbright US LLP.

Tags