February 24 (Renewables Now) - California-based esVolta has secured USD 140 million (EUR 129m) in financing for its portfolio of energy storage projects with a total capacity of over 136 MW.
CIT Group Inc (NYSE:CIT), whose power and energy business arranged the deal, announced the financing for the utility-scale energy storage projects developer on Monday.
The portfolio includes energy storage units that support eight utility-scale renewable energy projects in California. EsVolta's partner on four of the projects is utility Southern Power Company, the subsidiary of Southern Company (NYSE:SO). The company has long-term contracts for all of the projects in the portfolio.
(USD 1.0 = EUR 0.923)