An energy storage project at Monolith Substation, Tehachapi, CA.
esVolta announced it has secured a $110 million tax equity transaction with GreenPrint Capital Management.
The tax equity is intended to support the construction of the 75 MW / 300 MWh Hummingbird battery energy storage project in San Jose, California.
The project has secured interconnection at the Metcalf substation at 115 kv and is gen-tied via a City of San Jose public easement.
The project is expected to be completed in 2025 and provide resource adequacy support to electric utility Pacific Gas and Electric (PG&E). It is also designed to provide fast-responding energy and ancillary services to the California Independent System Operator (CAISO) market.
The project is currently in the construction phase and has employed about 200 local union jobs.
An environmental coalition including Sierra Club and the Union of Concerned Scientists said the project will “result in improved air quality, reduced greenhouse gas pollution, and significant ratepayer savings…”
esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP and DCH Law LLP, and Greenprint was represented by Leverage Law Group, LLC.
esVolta was founded in 2017 as a developer, owner, and operator of utility-scale energy storage projects across North America. Its total operational and in-construction projects total about 1.5 GWh of storage capacity. esVolta is a portfolio company of Generate Capital, PBC, a sustainable infrastructure company.
