Currently under construction about 60 miles northwest of Los Angeles, a 30 MW / 60 MWh battery facility will be completed with the help of the new tax equity funding. The project is anticipated to start up for business later this year with the goal of providing the California electric grid with dependable energy, capacity, and other ancillary services. It also has long-term agreements in place with multiple California electric community choice aggregators and a major energy commodity company.
esVolta and Impact Finance are two of the first partners to use the tax credits for standalone energy storage made possible by the Inflation Reduction Act of 2022 to establish tax equity.
esVolta’s first tax equity transaction is the Santa Paula deal. The initiative and creativity shown by U.S. Bank in completing this historic financing for our business is much appreciated,” esVolta, LP President Randolph Mann stated.
“In order to aid in the scaling of utility-scale storage as a crucial enabler of the infrastructure shift, Generate purchased esVolta in July 2022. According to Scott Jacobs, CEO and co-founder of Generate Capital, “Our tax equity team is thrilled to collaborate with U.S. Bank to finance standalone battery storage systems, support grid resilience, and deliver clean energy in California.”
“We have a strong commitment to promoting sustainability and environmentally friendly infrastructure,” stated Darren Van’t Hof, Director of Renewable Energy Investments at U.S. Bancorp Impact Finance. “Because we combine purpose and profitability, intentionally considering social and environmental impact, we are glad to be a part of this project.”
Leverage Law Group, LLC, representing U.S. Bank, and Orrick Herrington & Sutcliffe LLP, representing esVolta, handled the deal.
Leading sustainable infrastructure provider, Generate Capital, is spearheading the infrastructure revolution. Infrastructure for clean energy, transportation, water, waste management, agriculture, and smart cities is built, owned, operated, and financed by Generate. Established in 2014, Generate collaborates with more than 50 technology and project developers and manages over 2,000 assets worldwide. Generate is a one-stop shop that provides the funding and support needed for infrastructure revolution pioneers to complete their initiatives. Our Infrastructure-as-a-Service approach provides thousands of clients, businesses, communities, school districts, and institutions with dependable, reasonably priced, and environmentally friendly resources.