esVolta, a developer, owner and operator of utility scale energy storage projects across North America, completed a $185 million senior secured credit facility. Nomura Securities International acted as sole lead arranger and bookrunner and Nomura Corporate Funding Americas acted as administrative agent
The credit facility will provide esVolta with access to additional development capital and credit support to secure obligations principally relating to interconnection, power purchase agreements, equipment deposits as well as early pre-NTP construction funding for the company’s 20-plus GWh pipeline of standalone energy storage assets across the U.S.
In addition to Nomura, Copenhagen Infrastructure Partners, through its Green Credit Fund I, and Voya participated in the financing. esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, and Nomura was represented by Norton Rose Fulbright.
“Closing this financing represents an important strategic milestone for esVolta, as the facility will provide an efficient source of financing for our next wave of storage projects that are designed to help drive decarbonization of the U.S. electric power grid,” Randolph Mann, CEO and founder of esVolta, said. “We are deeply appreciative for the support of our colleagues at Nomura, Copenhagen Infrastructure Partners and Voya.”
“Nomura is excited to provide an innovative financing solution for esVolta as it builds out its renewable pipeline,” Vinod Mukani, global head of Nomura’s infrastructure and power business, said. “Nomura remains committed to leveraging our financial and intellectual capital to support developers like esVolta, a cutting-edge project developer and operator delivering clean energy and grid services.”
“We are delighted to have led this strategic pre-NTP financing for esVolta, as they are one of the first movers in the U.S. battery storage space,” Alain Halimi, managing director of Nomura’s infrastructure and power business, said. “This financing will support esVolta’s growth and continued ambition to deliver critical grid stabilization solutions.”
