esVolta, LP has closed an approximately $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 approximately 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.