esVolta nabs tax equity for 75-MW battery project in California

US battery storage developer esVolta LP has closed a USD-110-million (EUR 103.6m) tax equity financing deal supporting the construction of its 75-MW/300-MWh Hummingbird battery energy storage system (BESS) in San Jose, California.

The deal was struck with Greenprint Capital Management, esVolta said on Tuesday.

The Hummingbird battery will be installed to serve the needs of US utility Pacific Gas and Electric Co (PG&E), providing it with resource adequacy capacity under a long-term contract. The facility will also deliver fast-responding energy and ancillary services to the CAISO market.

The construction of the lithium-ion BESS is currently underway and its completion is scheduled for 2025.

esVolta was hired to install the Hummingbirg battery in 2018 following a solicitation launched by PG&E for energy storage projects with which the utility seeks to replace three gas-fired power plants. Currently, California-based esVolta has 1.5 GWh of energy storage assets in its portfolio, including operational capacity and projects under construction.

(USD 1.0 = EUR 0.9421)

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