esVolta, a developer, owner and operator of utility-scale battery-energy storage projects in North America, has secured a $170 million credit facility to support the completion of the company’s esFaraday portfolio, which consists of 370 megawatt hours of energy storage projects in California.
The portfolio consists of two operational projects and two construction projects, all of which deploy commercially proven battery technology.
First Citizens Bank’s energy finance business served as lead agent on the financing package. The refinancing upsizes a credit facility from February 2020, which was arranged by CIT prior to its merger with First Citizens in January 2022.
“The esFaraday projects are important assets in our company’s growing California storage project portfolio,” said Randolph Mann, CEO of esVolta. “We’re pleased to continue our relationship with the experienced team at First Citizens and appreciate the constructive creativity of the entir