NEW YORK - esVolta, a developer of utility-scale energy storage systems, has secured a $170 million credit facility from First Citizens Bank's energy finance division. This funding aims to expedite the completion of its esFaraday portfolio in California, which includes two operational and two under-construction projects, totaling 370 megawatt hours of energy storage capacity.
Randolph Mann, CEO of esVolta, praised the refinancing transaction for expanding upon a previous credit facility arranged by CIT before its merger with First Citizens in January 2022. The additional financial support underscores the growing investment in California's renewable energy infrastructure.
In a related move, First Citizens Bank's Energy Finance business and MUFG co-arranged a $250 million financing deal for Middle River Power's portfolio of battery storage projects. This marks the first tranche of projects developed by Middle River Power in California.
The financed portfolio consists of three battery storage projects co-located with gas-fired peaking generation facilities in Kings County and Fresno County. These hybrid facilities are designed to provide low-emissions electricity and enhance long-term reliability while maintaining flexible reserve capacity.
By storing excess solar power during peak daylight hours and releasing it in the evening when demand is higher, the facilities aim to significantly reduce greenhouse gas emissions. Mike Lorusso from First Citizens' Energy Finance unit and Mark Kubow, CEO of Middle River Power, have expressed optimism about the project's potential to advance California's clean energy transition.
First Citizens Bank, celebrating its 125th anniversary, along with its parent company First Citizens BancShares, Inc., is actively supporting these initiatives. John M. Moran from Media Relations is available to provide further details on this strategic development in renewable energy financing.
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