US company EsVolta has closed an approximately $140m senior secured credit facility to finance a 136MW portfolio of utility-scale energy storage projects.
The credit facility was provided by CIT’s power and energy business as the mandated lead arranger, and Siemens Financial Services, CoBank, ACB, and KeyBanc Capital Markets as joint lead arrangers.
The portfolio comprises eight battery projects designed to deliver reliable electricity capacity, energy, and other ancillary services to the California grid.
EsVolta chief financial officer Krish Koomar said: “The transaction is one of the largest and most innovative debt transactions completed to date in the fast growing energy storage sector.
“We greatly appreciate the leadership and diligence which CIT, SFS, CoBank and KeyBanc displayed in order to arrange and close this portfolio financing.”
CIT managing director and group head for power and energy business Mike Lorusso said: “We were pleased to leverage our storage industry knowledge and capital markets expertise to arrange financing that supports esVolta’s growth objectives.”