esVolta Secures $258 Million Credit Facilities for ERCOT Battery Storage Portfolio.
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 esVolta’s 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. esVolta was represented in the transaction by Morgan, Lewis & Bockius LLP, and MUFG was represented by Winston & Strawn LLP.
Randolph Mann, CEO and Founder of esVolta, said:
This project financing is a tremendous achievement for esVolta. It will help us to accelerate our company’s 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.
“We appreciate the support of MUFG and the entire bank group in closing this important new financing.”
Alberto Mihelcic Bazzana, Director, said:
MUFG is pleased to collaborate on this financing with esVolta.
“MUFG recognizes the reliability benefits of grid-scale energy storage, and we are dedicated to providing innovative and efficient financing solutions to support leading sponsors like esVolta in this fast-growing clean energy sector.”
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esVolta Secures $258 Million Credit Facilities for ERCOT Battery Storage Portfolio. source
