US battery storage developer esVolta LP has finalized a USD 110 million (EUR 103.6 million) tax equity financing agreement to support the construction of its 75-MW/300-MWh Hummingbird battery energy storage system (BESS) in San Jose, California. The financing deal was made with Greenprint Capital Management, as announced by esVolta on Tuesday.
The Hummingbird battery will provide resource adequacy capacity for Pacific Gas and Electric Co (PG&E) under a long-term contract. The facility will also offer fast-responding energy and ancillary services to the California Independent System Operator (CAISO) market.
Construction of the lithium-ion BESS is already underway, with completion slated for 2025. esVolta was selected to install the Hummingbird system in 2018 as part of PG&E's effort to replace three gas-fired power plants with energy storage projects.
Currently, esVolta has 1.5 GWh of energy storage assets in its portfolio, which includes both operational and under-construction projects.
