Monday, February 24, 2020

esVolta Gets $140M In Credit Facility For Utility Scale Battery Storage

Aliso Viejo-based esVolta, a developer, owner and operator of utility-scale energy storage projects, says it has received $140M in a senior secured credit facility, to finance its utility-scale battery storage projects. According to the company, the $140M credit facility came from CIT's Power and Energy business, and also included Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets . The company said the new funding will go to construction and operation of eight, energy storage projects, which total approximately 136 MW and 480 MWh of capacity. The company said all of those projects are being constructed to help provide energy storage to California's energy grid. Details on the terms of those credit facilities were not announced.