US battery storage developer esVolta LP announced on Tuesday the completion of USD 258 million (EUR 238 million) in senior secured credit facilities to finance a 980-MWh energy storage portfolio in Texas.
The portfolio consists of three standalone battery energy storage projects—Anole, Desert Willow, and Burksol—currently under construction. These batteries will provide fast-responding energy and ancillary services to the ERCOT market, aiding in congestion reduction and reinforcing the regional electric grid, according to the company.
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The credit facilities include construction plus tax equity bridge financing, letters of credit, and a long-term loan. MUFG Bank Ltd served as the coordinating lead arranger and green loan coordinator, while Nomura Securities International Inc and KeyBanc Capital Markets Inc acted as coordinating lead arrangers. Investec Inc was a joint lead arranger, and Cadence Bank also participated in the financing.
Randolph Mann, CEO and founder of esVolta, a portfolio company of Generate Capital PBC, stated that the project financing will help the company accelerate its growth and cost-effectively expand its portfolio of large-scale energy storage assets.
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