US battery storage developer esVolta LP, part of sustainable infrastructure investor Generate Capital, has closed a tax equity deal with a unit of US Bank backing a 30-MW/60-MWh battery storage project near Los Angeles.
The value of the transaction with US Bancorp Impact Finance was not disclosed in esVolta’s recent press release. The tax equity financing is earmarked for the Santa Paula Energy Storage project, which is currently under construction northwest of Los Angeles. The energy storage facility should begin commercial operations later this year and deliver capacity and ancillary services to the California electric grid, serving long-term contracts with a major energy commodity firm and several California electric community choice aggregators.
Separately, California-based esVolta has clinched a USD-170-million (EUR 156.3m) refinancing deal with First Citizens Bank for its esFaraday portfolio in California. The bundle includes to operational energy storage facilities and two projects under construction totalling 370 MWh.
According to a statement by the lender, the refinancing expands an existing credit facility from February 2020.
esVolta was acquired by Generate Capital in the summer of 2022, taking hold of its 900-MWh portfolio of operational and utility-contracted projects in the US and Canada.
(USD 1.0 = EUR 0.920)
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