esVolta, LP ("esVolta") today announced the completion of a $110 million tax equity transaction with Greenprint Capital Management ("Greenprint") to finance the construction of the 300 MWh Hummingbird battery energy storage project in San Jose, California.
Upon completion in 2025, the project will provide Pacific Gas & Electric with resource adequacy capacity under a long-term contract. It will also offer fast-responding energy and ancillary services to the CAISO market, helping to reduce congestion and strengthen the electric grid in the fast-growing San Jose region. Currently in the build phase, the Hummingbird project has created approximately 200 new local union jobs.
esVolta was represented in the transaction by Orrick, Herrington & Sutcliffe, LLP and DCH Law LLP, and Greenprint was represented by Leverage Law Group, LLC.
"This tax equity transaction represents an outstanding milestone achievement for esVolta. We appreciate the support of Greenprint in helping us accelerate the transition to a decarbonized and reliable US electric power grid", said Randolph Mann, CEO and Founder of esVolta.
"Greenprint is pleased to execute this important financing with esVolta", said Peter DeFazio, Managing Director of Greenprint. "We are committed to leveraging our expertise in tax equity financing to support leading sponsors like esVolta as we strive for a clean energy future together."
