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esVolta Secures $140 Million Credit Facility for Battery Energy Storage Projects

Feb. 26, 2020
The $140 million credit facility will help fund the construction and operations of the company’s “esFaraday” portfolio of eight energy storage projects.

esVolta, LP today has closed about $140 million senior secured credit facility to finance a portfolio of its utility-scale battery energy storage projects. The credit facility was provided by CIT’s Power and Energy business as the Mandated Lead Arranger, and Siemens Financial Services (SFS), CoBank, ACB, and KeyBanc Capital Markets Inc. as Joint Lead Arrangers.

esVolta is a developer of utility-scale battery energy storage projects in North America. The new credit facility will be used to help fund construction and operations of the company’s “esFaraday” portfolio of eight energy storage projects totaling about 136 MW and 480 MWh of capacity. The projects are designed to deliver reliable 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. We greatly appreciate the leadership and diligence which CIT, SFS, CoBank and KeyBanc displayed in order to arrange and close this portfolio financing," said Krish Koomar, vice president and chief financial officer of esVolta.

"We were pleased to leverage our storage industry knowledge and capital markets expertise to arrange financing that supports esVolta's growth objectives," says Mike Lorusso, managing director and group head for CIT’s Power and Energy business.

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