esVolta Secures $258 Million Credit Facilities for ERCOT Storage Portfolio
Summary
NEWPORT BEACH, Calif., July 30, 2024 /PRNewswire/ -- esVolta, LP announced completion of $258 million senior secured credit facilities for a 980 MWh portfolio of standalone battery energy storage projects.The credit facilities consist of construction plus tax equity bridge financing, letters of credit, and a long-term loan to finance three of esVoltas energy storage projects currently under construction in Texas including Anole, Desert Willow and Burksol. Each of the projects is designed to provide fast-responding energy and ancillary services into the ERCOT market, helping to reduce congestion and strengthen the regional electric grid.MUFG Bank, Ltd. acted as the Coordinating Lead Arranger and Green Loan Coordinator, Nomura Securities International, Inc. and KeyBanc Capital Markets Inc. acted as Coordinating Lead Arrangers, Investec Inc. acted as Joint Lead Arranger, and Cadence Bank also participated in the financing. It will help us to accelerate our companys growth and cost-effectively build out our portfolio of large-scale energy storage assets, as we strive to enable a decarbonized and reliable US electric power grid", said Randolph Mann, CEO and Founder of esVolta. "About esVoltaFounded in 2017, esVolta, LP is a top developer, owner, and operator of utility scale energy storage projects across North America. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries.