esVolta Secures $243 Million Investment for Battery Storage Projects in Texas
esVolta, LP, a prominent player in the utility-scale battery energy storage sector in North America, has recently finalized a significant preferred equity investment transaction worth $243 million. Structured by Captona LLC, a respected name in energy transition investments, this capital injection is a pivotal step towards advancing three of esVolta's critical projects within the Electric Reliability Council of Texas (ERCOT) market.
The investment will primarily finance three projects: Anole, Desert Willow, and Burksol, collectively boasting an impressive capacity of nearly 1 GWh. All of these projects are currently under construction and are anticipated to become operational in the first half of 2025. Randolph Mann, CEO of esVolta, expressed his enthusiasm for this partnership, stating, "Partnering with a well-known and established company like Captona not only underscores our team's expertise and proven track record but also reinforces our commitment to delivering valuable, safe, and reliable battery energy storage solutions to the Texas energy grid."
Analysts are optimistic about future growth in energy storage, predicting that the cumulative capacity in the United States may multiply more than tenfold by 2030. This surge is expected to be driven by state-level decarbonization mandates, increasing corporate energy demands, and continuously declining costs for energy storage solutions. As the U.S. grid adapts to evolving energy demands, including those fueled by climate challenges, these investments in both grid modernization and energy storage will be vital for ensuring a reliable, resilient, and sustainable electric grid.
In 2024 alone, esVolta has successfully raised nearly $900 million for its energy storage business, highlighting the company's robustness and its ongoing commitment to deploying energy storage solutions in essential U.S. markets. This recent transaction not only unlocks efficient capital but also facilitates the provision of urgently needed fast-responding clean energy resources to the ERCOT power grid.
Justin Johns, Chief Financial Officer of esVolta, remarked, "We are at the forefront of transforming the electric grid. Our focus on innovation and sustainability is paramount, and we value our collaborative relationship with Captona, particularly as it positions us to create more value for utilities, energy consumers, and investors alike."
Legal representation for esVolta in this transaction was provided by Morgan Lewis Bockius while Captona and its equity partner secured representation from Kirkland Ellis LLP.
Since establishing itself as a leader in standalone battery energy storage in 2017, esVolta boasts an active development portfolio of over 30 projects that account for nearly 25 GWh of capacity. By balancing the variable output of renewable energy sources, such as solar and wind, and reducing dependency on traditional fossil fuel plants, these projects hold the potential to enhance power quality and reliability for utilities and system operators alike. This ensures that energy is available whenever there is a heightened demand for power across the nation.
About esVolta
esVolta is positioned as a key player in the energy landscape, serving as a backbone for the electric grid throughout the nation. As pioneers in the standalone energy storage sector, esVolta's activities encompass all facets from development and engineering to financing, constructing, and optimizing energy storage systems. Committed to being efficient, safe, and reliable, esVolta plays a crucial role in addressing future energy requirements. To learn more about esVolta, visit www.esvolta.com.
Media Contact
Fabienne Rodet
[email protected]
650.804.2504
SOURCE esVolta
The investment will primarily finance three projects: Anole, Desert Willow, and Burksol, collectively boasting an impressive capacity of nearly 1 GWh. All of these projects are currently under construction and are anticipated to become operational in the first half of 2025. Randolph Mann, CEO of esVolta, expressed his enthusiasm for this partnership, stating, "Partnering with a well-known and established company like Captona not only underscores our team's expertise and proven track record but also reinforces our commitment to delivering valuable, safe, and reliable battery energy storage solutions to the Texas energy grid."
Analysts are optimistic about future growth in energy storage, predicting that the cumulative capacity in the United States may multiply more than tenfold by 2030. This surge is expected to be driven by state-level decarbonization mandates, increasing corporate energy demands, and continuously declining costs for energy storage solutions. As the U.S. grid adapts to evolving energy demands, including those fueled by climate challenges, these investments in both grid modernization and energy storage will be vital for ensuring a reliable, resilient, and sustainable electric grid.
In 2024 alone, esVolta has successfully raised nearly $900 million for its energy storage business, highlighting the company's robustness and its ongoing commitment to deploying energy storage solutions in essential U.S. markets. This recent transaction not only unlocks efficient capital but also facilitates the provision of urgently needed fast-responding clean energy resources to the ERCOT power grid.
Justin Johns, Chief Financial Officer of esVolta, remarked, "We are at the forefront of transforming the electric grid. Our focus on innovation and sustainability is paramount, and we value our collaborative relationship with Captona, particularly as it positions us to create more value for utilities, energy consumers, and investors alike."
Legal representation for esVolta in this transaction was provided by Morgan Lewis Bockius while Captona and its equity partner secured representation from Kirkland Ellis LLP.
Since establishing itself as a leader in standalone battery energy storage in 2017, esVolta boasts an active development portfolio of over 30 projects that account for nearly 25 GWh of capacity. By balancing the variable output of renewable energy sources, such as solar and wind, and reducing dependency on traditional fossil fuel plants, these projects hold the potential to enhance power quality and reliability for utilities and system operators alike. This ensures that energy is available whenever there is a heightened demand for power across the nation.
About esVolta
esVolta is positioned as a key player in the energy landscape, serving as a backbone for the electric grid throughout the nation. As pioneers in the standalone energy storage sector, esVolta's activities encompass all facets from development and engineering to financing, constructing, and optimizing energy storage systems. Committed to being efficient, safe, and reliable, esVolta plays a crucial role in addressing future energy requirements. To learn more about esVolta, visit www.esvolta.com.
Media Contact
Fabienne Rodet
[email protected]
650.804.2504
SOURCE esVolta
Topics Energy）
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