esVolta, a major player in energy storage, has finalized a $110 million USD tax equity investment in collaboration with Greenprint Capital Management. This financing will support the construction of the Hummingbird project, a 300 MWh battery energy storage system located in San Jose, California, scheduled for completion by 2025.
Once operational, the Hummingbird project will provide resource adequacy capacity to Pacific Gas & Electric (PG&E) under a long-term contract. Additionally, it will play a central role in the California Independent System Operator (CAISO) market by offering fast-response energy services and solutions to reduce congestion and stabilize the power grid in a rapidly growing region.
Currently under construction, the project has already generated approximately 200 local union jobs, bolstering the regional economy.
A Strategic Partnership for Clean Energy
The transaction was facilitated with the support of Orrick, Herrington & Sutcliffe LLP, and DCH Law LLP for esVolta, while Greenprint Capital Management was advised by Leverage Law Group, LLC. This partnership marks a milestone for esVolta in its mission to modernize and decarbonize the U.S. power grid.
Randolph Mann, CEO and founder of esVolta, remarked: “This transaction reflects our commitment to developing innovative and reliable solutions for the U.S. energy grid. We thank Greenprint for their essential support.”
Peter DeFazio, Managing Director of Greenprint, added: “This financing aligns with our sustainable investment strategy and highlights our commitment to accelerating the energy transition. We are thrilled to collaborate with esVolta to build a cleaner energy future.”
Energy Storage: A Pillar for the Future
The Hummingbird project exemplifies the evolution of large-scale energy storage solutions. As renewable energy adoption accelerates, these technologies play a crucial role in addressing intermittency challenges and reinforcing grid stability.
By aligning with a sustainable vision, esVolta and its partners are tackling major challenges in modernizing the power grid while actively supporting the United States’ energy transition. Projects like Hummingbird enhance the integration of renewable energy sources while ensuring increased reliability for consumers and operators alike.
