esVolta announced completion of a $185 million senior secured credit facility.
The credit facility will provide esVolta with access to additional development capital and credit support to secure obligations principally relating to interconnection, power purchase agreements, equipment deposits as well as early pre-NTP construction funding for the company's growing 20+ GWh pipeline of standalone energy storage assets across the United States. As the country continues to build intermittent renewable energy assets to decarbonize the grid, firm and reliable storage is needed more than ever. This financing will enable esVolta, one of the most trusted developers and operators of grid-scale energy storage, to increase its ability to green the electric grid while meeting the reliability needs of energy customers in communities across its portfolio.
Nomura Securities International acted as Sole Lead Arranger and Bookrunner and Nomura Corporate Funding Americas acted as Administrative Agent (together, "Nomura"). Copenhagen Infrastructure Partners through its Green Credit Fund I, and Voya, participated in the financing. esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP, and Nomura was represented by Norton Rose Fulbright US LLP.
"Closing this financing represents an important strategic milestone for esVolta, as the facility will provide an efficient source of financing for our next wave of storage projects that are designed to help drive decarbonization of the US electric power grid", said Randolph Mann, CEO and Founder of esVolta. "We are deeply appreciative for the support of our colleagues at Nomura, Copenhagen Infrastructure Partners and Voya."
"Nomura is excited to provide an innovative financing solution for esVolta as it builds out its renewable pipeline", said Vinod Mukani, Global Head of Nomura's Infrastructure & Power Business ("IPB"). "Nomura remains committed to leveraging our financial and intellectual capital to support developers like esVolta, a cutting-edge project developer and operator delivering clean energy and grid services."
"We are delighted to have led this strategic pre-NTP financing for esVolta as they are one of the first movers in the US battery storage space," said Alain Halimi, Managing Director, Nomura's IPB. "This financing will support esVolta's growth and continued ambition to deliver critical grid stabilization solutions."
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.