esVolta has secured a $110m tax equity investment from Greenprint Capital Management to fund the development of the 300MWh Hummingbird battery energy storage project in San Jose, California, US.
Set for completion in 2025, the project aims to provide Pacific Gas & Electric with ‘resource adequacy capacity’ under a long-term contract.
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The Hummingbird project will offer ‘fast-responding energy and ancillary services’ to the California Independent System Operator (CAISO) market.
These services are crucial for reducing congestion and reinforcing the electric grid in the rapidly expanding San Jose area.
The project is currently in the build phase and is expected to generate approximately 200 new local union jobs.
esVolta founder and CEO Randolph Mann said: “This tax equity transaction represents an outstanding milestone achievement for esVolta.
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By GlobalData“We appreciate the support of Greenprint in helping us accelerate the transition to a decarbonised and reliable US electric power grid.”
Legal representation for esVolta in the transaction was provided by Orrick, Herrington & Sutcliffe, and DCH Law.
On the other side, Greenprint Capital Management was represented by Leverage Law Group.
Greenprint managing director Peter DeFazio said: “Greenprint is pleased to execute this important financing with esVolta.
“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.”
In July this year, esVolta completed $258m in senior secured credit facilities to finance a 980MWh portfolio of standalone battery energy storage projects.
The credit facilities included construction and tax equity bridge financing, letters of credit, and a long-term loan to support three of esVolta’s energy storage projects under construction in Texas: Anole, Desert Willow, and Burksol.
