The portfolio include eight energy storage projects with a total capacity of more than 136MW/480MWh
US-based battery storage projects developer, esVolta has secured $140m funding for its portfolio of utility-scale battery energy storage projects.
CIT Group’s Power and Energy business has served as the mandated lead arranger for the credit facility, while Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets have severed as joint lead arrangers.
esVolta said that the funding will be utilised to support the construction and operations of its “esFaraday” portfolio, which include eight energy storage projects with a total capacity of more than 136MW/480MWh.
esVolta projects to deliver electric capacity to California’s electric grid
esVolta vice president and chief financial officer Krish Koomar said: “The esFaraday transaction is one of the largest and most innovative debt transactions completed to date in the fast growing energy storage sector.
“We greatly appreciate the leadership and diligence which CIT, SFS, CoBank and KeyBanc displayed in order to arrange and close this portfolio financing.”
The projects are designed to deliver reliable electric capacity, energy, and other ancillary services to the California’s electric grid.
CIT’s Power and Energy business managing director and group head Mike Lorusso said: “We were pleased to leverage our storage industry knowledge and capital markets expertise to arrange financing that supports esVolta’s growth objectives.”
Power and Energy is a part of Commercial Finance division of CIT that uses its deep industry knowledge and expertise to provide comprehensive financing solutions for renewable and conventional power generation.
The unit manages a large, diverse portfolio including investments in all asset classes across the energy sector.
In September last year, esVolta partnered with Southern Power to develop four utility-scale energy projects with over 86MW/345MWh of capacity to be located in the US state of California.