Green Investment Group announced Tuesday it is investing in the developer and utility-scale energy storage owner EsVolta for several of its projects across North America. The investment will support the company’s portfolio’s expansion of over 600 megawatt-hours (MWh) of contracted projects and a pipeline of more than two gigawatt-hours (GWh).
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GIG and Esvolta: investment to advance clean energy policy
Macquarie’s Green Investment Group (GIG) announced Tuesday it is investing in EsVolta, a developer and owner of utility-scale energy storage projects across North America. Through this investment, GIG aims to support EsVolta’s continued expansion in North America.
EsVolta will use the funding to expand its portfolio of over 600 megawatt-hours (MWh) of contracted energy storage projects, mainly in California. The owner will also seize the financing for an additional development pipeline of more than two gigawatt-hours (GWh).
According to ReNews Biz, the investment will initially be a bridge loan but will eventually convert to equity upon receipt of regulatory approvals. These permits include the permission of The Committee on Foreign Investment and the Federal Energy Regulatory Commission in the US.
Greg Callman, GIG global head of energy technology, said: “EsVolta is a leading storage developer with an outstanding management team and significant growth potential across new markets.”
“GIG is perfectly positioned to accelerate that growth and help deliver EsVolta’s substantial development pipeline,” Callman added. “Energy storage is critical to enabling increased renewables deployment, and we’re looking forward to leveraging our capabilities with EsVolta to accelerate the energy transition across California and beyond.”
California’s energy transition plans
With The 100 Percent Clean Energy Act, the state of California aims to meet targets of 60% renewable power by 2030 and 100% by 2045. The expected addition of more solar on the system would lead to overproduction and curtailment during the day.
GIG’s investment in EsVolta and its pipeline of utility-scale energy storage projects will help advance the company’s flexibility required to achieve its renewable energy targets, the investor said.
Randolph Mann, EsVolta’s founder, and CEO said: “With this agreement and support from the Green Investment Group, we are positioned to grow our energy storage business across North America rapidly.”
“Demand for energy storage in our home state of California remains strong, and we see vast opportunities for geographic expansion as well as additional product and service offerings,” he added.
“Our relationship with GIG will further broaden our expertise and unlock additional growth opportunities.”