US storage developer esVolta secures $185m credit facility

April 15, 2024

US-headquartered utility scale energy storage developer esVolta, LP has secured a $185 million senior secured credit facility.

The facility will provide the company with capital to “secure obligations principally relating to interconnection, power purchase agreements, equipment deposits as well as early pre-NTP construction funding” for its 20 GWh pipeline of standalone energy storage assets across the US, a statement said.

Nomura Securities International, Inc. acted as sole lead arranger and bookrunner and Nomura Corporate Funding Americas, LLC acted as administrative agent. Copenhagen Infrastructure Partners through its Green Credit Fund I, and Voya, participated in the financing. esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP, and Nomura was represented by Norton Rose Fulbright US LLP.

“Closing this financing represents an important strategic milestone for esVolta, as the facility will provide an efficient source of financing for our next wave of storage projects that are designed to help drive decarbonisation of the US electric power grid”, said Randolph Mann, CEO and founder of esVolta.

Vinod Mukani, global head of Nomura’s infrastructure & power business, added: “Nomura is excited to provide an innovative financing solution for esVolta as it builds out its renewable pipeline. Nomura remains committed to leveraging our financial and intellectual capital to support developers like esVolta, a cutting-edge project developer and operator delivering clean energy and grid services.”