esVolta finances 136-MW energy storage portfolio

esVolta energy storage. Source: esVolta. All rights reserved.

February 24 (Renewables Now) - California-based esVolta has secured USD 140 million (EUR 129m) in financing for its portfolio of energy storage projects with a total capacity of over 136 MW.

CIT Group Inc (NYSE:CIT), whose power and energy business arranged the deal, announced the financing for the utility-scale energy storage projects developer on Monday.

The portfolio includes energy storage units that support eight utility-scale renewable energy projects in California. EsVolta's partner on four of the projects is utility Southern Power Company, the subsidiary of Southern Company (NYSE:SO). The company has long-term contracts for all of the projects in the portfolio.

(USD 1.0 = EUR 0.923)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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