esVolta closes $140 mn credit facility to fund storage projects

esVolta has closed an approximately $140 million senior secured credit facility to finance a portfolio of its battery energy storage projects.

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, have provided the credit facility.

esVolta, a developer of utility-scale battery energy storage projects in North America, will use new credit facility to fund construction and operations of the company’s “esFaraday” portfolio of eight energy storage projects totaling approximately 136 MW and 480 MWh of capacity.

The projects are designed to deliver electric capacity, energy, and other ancillary services to the California electric grid, including pursuant to long-term contracts with major electric utilities and load serving entities.

The esFaraday transaction is one of the largest and most innovative debt transactions completed to date in the fast growing energy storage sector, said Krish Koomar, chief financial officer of esVolta.