esVolta Secures $110 Million Tax Equity Investment for 300 MWh Hummingbird Energy Storage Project

News provided by

Nov 12, 2024, 09:00 ET

NEWPORT BEACH, Calif., Nov. 12, 2024 /PRNewswire/ -- esVolta, LP ("esVolta") today announced the completion of a $110 million tax equity transaction with Greenprint Capital Management ("Greenprint") to finance the construction of the 300 MWh Hummingbird battery energy storage project in San Jose, California.

Upon completion in 2025, the project will provide Pacific Gas & Electric with resource adequacy capacity under a long-term contract. It will also offer fast-responding energy and ancillary services to the CAISO market, helping to reduce congestion and strengthen the electric grid in the fast-growing San Jose region. Currently in the build phase, the Hummingbird project has created approximately 200 new local union jobs.

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

"This tax equity transaction represents an outstanding milestone achievement for esVolta. We appreciate the support of Greenprint in helping us accelerate the transition to a decarbonized and reliable US electric power grid", said Randolph Mann, CEO and Founder of esVolta.

"Greenprint is pleased to execute this important financing with esVolta", said Peter DeFazio, Managing Director of Greenprint. "We are committed to leveraging our expertise in tax equity financing to support leading sponsors like esVolta as we strive for a clean energy future together."

About esVolta

Founded in 2017, esVolta, LP is a top developer, owner, and operator of utility scale energy storage projects across North America. The company's portfolio of operational plus in-construction projects totals about 1.5 gigawatt hours of storage capacity, and the firm is developing a large pipeline of future storage projects. esVolta is a portfolio company of Generate Capital, PBC, a leading sustainable infrastructure company driving the infrastructure transition. Additional information about esVolta is available at www.esvolta.com.

About Greenprint Capital

Greenprint Capital is an investment and advisory firm specializing in renewable energy tax credit investments. Greenprint is solely dedicated to investing in climate positive solutions, by providing capital to leading companies across the country that share our passion for clean energy and a brighter, greener, tomorrow. Our investments in renewable energy projects provide developers an efficient way to monetize tax credits, while enabling our partners and clients to mitigate their own tax liability. Our client services include comprehensive underwriting, structuring and delivery of verified tax credits. For more information, please visit us at www.GreenprintCapital.com.

Media Contacts

For esVolta:
Fabienne Rodet, [email protected]
[email protected]

For Greenprint:
[email protected]

SOURCE esVolta, LP