esVolta secures upsized $450M corporate credit facility led by Nomura
What's the deal? esVolta, a California-based developer and operator of utility-scale battery energy storage projects, has closed an expanded corporate credit facility of up to $450 million. The refinancing, led by Nomura Securities InternationalDealroom has a profile for this one. Try Dealroom →, more than doubles the company's previous $200 million facility, which Nomura originally arranged in March 2024.
The Newport Beach company said it will use the capital primarily for project development, long-lead equipment procurement, and pre-construction costs across its growing portfolio. esVolta's pipeline spans roughly 30 energy storage projects totalling 25 GWh, with 2.0 GWh already in operations or construction.
Beyond Nomura, the lending group includes Copenhagen Infrastructure PartnersDealroom has a profile for this one. Try Dealroom → (the largest lender, through its Green Credit Fund I & Fund II), Allianz Global InvestorsDealroom has a profile for this one. Try Dealroom →, Celtic BankDealroom has a profile for this one. Try Dealroom →, HSBC Asset ManagementDealroom has a profile for this one. Try Dealroom →, Fiera InfrastructureDealroom has a profile for this one. Try Dealroom → Private Debt, and Truist Bank.
Why now? US electricity demand is climbing — driven by data centres, electrification, and reshoring — and grid operators need storage to balance intermittent renewables. esVolta is expanding beyond its core California (CAISO) and Texas (ERCOT) markets into the Southwest Power Pool and Midcontinent Independent System Operator regions, which require upfront capital well before projects generate revenue.
"This bid of support from Nomura and an exceptional group of financing partners positions us well to accelerate deployment of energy storage projects that strengthen grid reliability and meet rising electricity demand," said Randolph Mann, esVolta's chief executive officer.
What could go wrong? Battery storage development faces supply-chain bottlenecks, permitting delays, and interconnection queue backlogs that can push timelines and costs beyond initial estimates. Tariff uncertainty on imported battery components adds another layer of risk. And US$291.2M debt facility means esVolta must convert enough of its 25 GWh pipeline into revenue-generating assets to service those obligations.
The signal: The breadth of esVolta's lender syndicate — spanning Copenhagen Infrastructure Partners' dedicated green credit funds, global insurer Allianz Global Investors, and bank balance sheets like HSBC Asset Management and Truist — illustrates how institutional capital now treats US grid-scale storage as a bankable, mainstream infrastructure asset rather than a frontier bet. With esVolta classified as a late-growth company on Dealroom and backed by Generate CapitalDealroom has a profile for this one. Try Dealroom →, the more-than-doubling of its facility in barely a year suggests lenders see the 25 GWh pipeline as a credible conversion play at a time when US interconnection queues are swelling far faster than new generation can come online.
Read more: PR Newswire
