Author: PPD Team Date: 14/11/2024
esVolta has obtained a $110 million tax equity investment from Greenprint Capital Management to fund its 300 MWh Hummingbird battery energy storage project in San Jose, California.
Set for completion in 2025, the project will provide Pacific Gas & Electric with resource adequacy capacity under a long-term contract and deliver fast-response energy and ancillary services to the California Independent System Operator (CAISO) market.
These services are essential for alleviating grid congestion and strengthening the power infrastructure in San Jose.
The Hummingbird project, currently in the construction phase, will generate approximately 200 union jobs locally. Legal support for the transaction was provided by Orrick, Herrington & Sutcliffe and DCH Law for esVolta, and Leverage Law Group for Greenprint.
In a recent development, esVolta also secured $258 million in senior credit facilities in July to finance a 980 MWh battery portfolio across Texas, including the Anole, Desert Willow, and Burksol projects.