esVolta Closes US$450 Million Credit Facility to Build Out 25 GWh US Battery Storage Pipeline
- Energy Storage News Utility-Scale BESS
Marin Holt
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- 5 minutes read
- Facility size: US$450 million (up from $200 million)
- Lead lender: Nomura Securities International
- Pipeline: ~30 projects totaling 25 GWh
- In operation or construction: 2 GWh
California-headquartered battery developer esVolta has closed an expanded corporate credit facility providing up to US$450 million to fund new utility-scale energy storage projects across the United States, the company said on June 8, 2026. Led by Nomura Securities International, the transaction extends and upsizes esVolta’s existing US$200 million facility — originally closed by Nomura in March 2024 — to as much as $450 million, more than doubling the developer’s corporate borrowing base as it builds out a roughly 25 GWh pipeline.
What Was Announced
The expanded facility adds several lenders alongside Nomura: Copenhagen Infrastructure Partners, through its Green Credit Fund I & Fund II, is the largest lender, joined by Allianz Global Investors, Celtic Bank, HSBC Asset Management, Fiera Infrastructure Private Debt and Truist Bank. esVolta said it will apply the capital primarily to project development, long-lead equipment procurement and pre-construction costs for its battery energy storage system (BESS) portfolio. The company says that portfolio comprises approximately 30 energy storage projects totaling 25 GWh, including about 2 GWh already in operation or construction, spread across the CAISO, ERCOT and WECC markets, with planned expansion into the SPP and MISO regions.
Why It Matters
Corporate credit facilities like this one are how independent storage developers bridge the gap between signing a project and reaching financial close on it — covering the interconnection deposits, transformer and battery orders, and engineering work that must be paid for long before a project generates revenue. Upsizing from $200 million to $450 million signals lender confidence in US grid-scale storage even as financing costs stay elevated, and the breadth of the lender group — a Japanese investment bank, a Danish infrastructure fund, a German asset manager and US regional banks — shows how much institutional capital is now chasing the asset class. The five-market footprint (CAISO, ERCOT, WECC, SPP, MISO) positions esVolta in the regions with the deepest storage demand.
Critical Perspective
The headline number is a ceiling, not committed equity: a $450 million facility is borrowing capacity, and a 25 GWh pipeline with only ~2 GWh in operation or construction is overwhelmingly early-stage optionality, not steel in the ground. esVolta’s most concrete recent milestone is the separate US$139.6 million MUFG Bank financing it closed in March for its Boxcar project in Wylie, Texas — a 150 MW / 300 MWh system due online in ERCOT in 2027. The credit facility funds the runway to convert the rest of the pipeline; whether 25 GWh actually materializes depends on interconnection timelines, equipment lead times and offtake the announcement does not detail.
