esVolta raises $140m for utility-scale battery storage

February 25, 2020 //By Nick Flaherty
esVolta raises $140m for its esFaraday portfolio of eight utility-scale battery storage projects
esVolta in the US has raised $140m for its esFaraday portfolio of eight utility-scale battery storage projects in California

esVolta has raised $140m to fund a portfolio of its utility-scale battery storage projects.

esVolta develops utility-scale battery energy storage projects in North America, and the funding will be used for the construction and operations of eight battery storage projects totaling approximately 136 MW and 480 MWh of capacity. The “esFaraday” portfolio of projects are designed to deliver reliable electric capacity, energy, and other ancillary services to the California electric grid, including long-term contracts with major electric utilities and load serving entities.

The credit facility was provided by CIT’s Power and Energy business as the Mandated Lead Arranger, and Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets as Joint Lead Arrangers.

"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," said Krish Koomar, Vice President and Chief Financial Officer of esVolta.

"We were pleased to leverage our storage industry knowledge and capital markets expertise to arrange financing that supports esVolta's growth objectives," said Mike Lorusso, managing director and group head for CIT’s Power and Energy business.

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