Orrick, Herrington & Sutcliffe LLP
11/14/2024 | Press release | Distributed by Public on 11/14/2024 08:55
Tax Equity Deal Closes for esVolta Hummingbird Project
Energy storage company esVolta has completed a $110 million tax equity transaction with Greenprint Capital Management to finance the 300 MWh Hummingbird battery energy storage project being built in San Jose, California.
Orrick advised esVolta.
THE COMPANIES
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.
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.
THE IMPACT
When complete next year, the Hummingbird battery energy storage 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.
"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 U.S. electric power grid", said Randolph Mann, CEO and founder of esVolta.
THE TEAM
Louise Gibbons led the Orrick team that advised esVolta. The team included Wolfram Pohl, Sue Cowell, Trudie Makens, Chelsea Munoz-Patchen, ThuyMy Do and Kelly Choo.