EsVolta secures $110m for 300 MWh battery in California

Battery developer esVolta has announced it has secured a $110 million tax equity investment from GreenPrint Capital Management.

The tax equity is intended to support construction of the 75 MW/300 MWh Hummingbird battery energy storage project in San Jose, California.

The project has secured interconnection at the Metcalf substation, at 115 kV, and is grid connected via a City of San Jose public easement agreement which enables access to the land necessary.

The project is expected to be completed in 2025 and will provide resource adequacy support to electric utility PG&E. It is also designed to provide fast-responding energy and ancillary services to the California Independent System Operator grid.

The project is currently in the construction phase and has employed around 200 local, unionized jobs.

An environmental coalition including Sierra Club and the Union of Concerned Scientists said the project will “result in improved air quality, reduced greenhouse gas pollution, and significant ratepayer savings.”

EsVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP, and DCH Law LLP, and Greenprint was represented by Leverage Law Group, LLC.

EsVolta was founded in 2017 as a developer, owner, and operator of utility-scale energy storage projects across North America. It has around 1.5 GWh of storage capacity operating or under construction. EsVolta has Generate Capital, PBC, a sustainable infrastructure company, as an investor.

From pv magazine USA.