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 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.

"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", said Randolph Mann, CEO and Founder of esVolta. "We appreciate the support of MUFG and the entire bank group in closing this important new financing."

"MUFG is pleased to collaborate on this financing with esVolta", said Alberto Mihelcic Bazzana, Director. "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."

About esVolta
Founded in 2017, esVolta, LP is a top 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 gigawatt hours of storage capacity, and the firm is developing a large pipeline of future storage projects. esVolta is a portfolio company of Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition. Additional information about esVolta is available at www.esvolta.com.

About MUFG and MUFG Americas

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. 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. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be "the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. MUFG's Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

Contacts

For esVolta:
[email protected] 

For MUFG:
Meghan Carbone
[email protected]

SOURCE esVolta, LP