Tuesday, January 19, 2021

esVolta Gets Investment From Macquarie

Aliso Viejo-based utility-scale energy storage project developer esVolta has received an investment from Macquarie's Green Investment Group (GIG), Macquarie announced this morning. Size of the investment was not announced. According to Macquarie, the investment will support the continued North American expansion of esVolta and finance its portfolio of over 600 MWh of contracted energy storage projects, plus an additional pipeline of more than 2 GWh of projects. Most of esVolta's projects are in California, which is in the midst of rapidly expanding its energy storage efforts to help de-carbonize its energy. esVolta said the deal requires approval of The Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission. esVolta is one of the companies looking to help California meet its target of 60% renewable power by 2030 and 100% by 2045, which requires energy storage overnight when solar power is not available.