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First Citizens Bank Leads $170 Million Refinancing for California Battery Energy Storage Project Portfolio

15 Nov 2023

First Citizens Bank announced that its Energy Finance business served as lead agent on a $170 million credit facility for esVolta, a leading developer, owner and operator of utility-scale battery energy storage projects in North America.

The facility supports the completion of the company's esFaraday portfolio, which comprises 370 megawatt hours of energy storage projects in California. The portfolio consists of two operational projects and two construction projects, all of which deploy commercially proven battery technology.

"The esFaraday projects are important assets in our company's growing California storage project portfolio," said Randolph Mann, CEO of esVolta, LP. "We're pleased to continue our relationship with the experienced team at First Citizens and appreciate the constructive creativity of the entire lender group in executing this refinancing transaction."

The refinancing upsizes a credit facility from February 2020, which was arranged by CIT prior to its merger with First Citizens in January 2022.

"esVolta is recognized as an industry leader in utility-scale battery projects," said Mike Lorusso, Energy Finance group head at First Citizens Bank. "We are pleased to support esVolta by successfully leading the effort on this important financing."

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

esVolta was advised by Morgan Lewis & Bockius LLP, and Winston & Strawn LLP served as legal adviser for the financiers.

First Citizens Bank |

esVolta |