esVolta, an energy storage project developer, completed a $110 million tax equity transaction with Greenprint Capital Management to develop and construct the 300 MWh Hummingbird battery energy storage project in San Jose, California.
The project is currently under construction and is expected to be completed in 2025. The project will provide Pacific Gas & Electric with resource adequacy capacity under a long-term contract and offer fast-responding energy and ancillary services to the CAISO market.
Orrick, Herrington & Sutcliffe, and DCH Law advised esVolta, while Leverage Law Group advised Greenprint on the transaction.
“This tax equity transaction represents an outstanding milestone achievement for esVolta. We appreciate the support of Greenprint in helping us accelerate the transition to a decarbonized and reliable U.S. electric power grid”, said Randolph Mann, CEO and Founder of esVolta.
“Greenprint is pleased to execute this important financing with esVolta,” said Peter DeFazio, Managing Director of Greenprint. “We are committed to leveraging our expertise in tax equity financing to support leading sponsors like esVolta as we strive for a clean energy future together.”
Earlier this year, esVolta closed a $185 million senior secured credit facility that provides additional development capital to secure obligations principally relating to interconnection, power purchase agreements (PPA), equipment deposits, and early pre-NTP construction funding for its 20+ GWh pipeline of energy storage projects across the U.S.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, energy storage project funding in 9M 2024 saw a record $10.1 billion raised in 35 deals compared to $6.8 billion in 26 deals in 9M 2023.
Last week, Eku Energy, an energy storage project developer, announced that it reached financial closure for its 250 MW/500 MWh Williamsdale battery energy storage system located in the Australian Capital Territory.
