2 minute read | April.10.2024
Energy storage company esVolta has closed a $185 million senior secured credit facility to finance its growing pipeline of standalone battery storage assets.
Orrick advised esVolta.
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 Investment Management participated in the financing.
Founded in 2017, esVolta is a top developer, owner, and operator of utility scale energy storage projects across North America. The company’s portfolio of operational and in-construction projects totals about 1.5 gigawatt hours of storage capacity. esVolta is owned by Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition.
esVolta will deploy the development capital and credit support to finance interconnection, power purchase agreements, equipment deposits and pre-NTP development and construction funding for the company’s 20+ GWh pipeline of development-stage storage assets across the United States.
Combining Orrick’s strength in renewable power development and extraordinary growth in debt finance capabilities in its top-tier Energy & Infrastructure practice positions Orrick to provide enterprise-defining representation on corporate-level development loans and other creative financing structures. Orrick works to enable borrowers and sponsors, investors and lenders to attract and deploy capital at scale in support of decarbonization and the energy transition.
Jared Joyce-Schleimer led the Orrick team advising esVolta, with the significant support of associates Walter Alarkon, Mae Ji and ThuyMy Do. Kristin Seeger and Louise Gibbons supported this financing, together with a number of Orrick specialist attorneys, including John Eliason, Chelsea Munoz Patchen, Jeanine McGuinness, Sue Cowell, Zach Huey, Cory Lankford, Mason Harry, Stephan Wagner, Jason Flaherty, Nik Mathews, Ashley Walter and Avani Panchal.