Nomura Securities International has arranged a US$185 million senior secured credit facility for esVolta, a Newport Beach, California-based developer of utility-scale battery storage projects.

The deal gives esVolta access to additional development capital and credit support to secure obligations principally relating to interconnection, power purchase agreements, equipment deposits, and early pre-NTP (notice to proceed) construction funding for the company's growing 20+ gigawatt-hour pipeline of standalone energy storage assets across the United States.

Nomura Securities International acted as sole lead arranger and bookrunner and Nomura Corporate Funding Americas acted as administrative agent. Copenhagen Infrastructure Partners through its Green Credit Fund I, as well as Voya, participated in the financing.

Orrick, Herrington & Sutcliffe was legal adviser to esVolta, while Norton Rose Fulbright represented Nomura.

As the country continues to build intermittent renewable energy assets to decarbonize the grid, firm and reliable storage is needed more than ever.

"Closing this financing represents an important strategic milestone for esVolta, as the facility will provide an efficient source of financing for our next wave of storage projects that are designed to help drive decarbonization of the US electric power grid," says esVolta chief executive officer Randolph Mann.

Founded in 2017, esVolta is a major developer, owner, and operator of utility-scale energy storage projects across North America. The company's portfolio of operational and in-construction projects totals about 1.5GWh of storage capacity, and the firm is developing a large pipeline of future storage projects.

EsVolta is a portfolio company of sustainable infrastructure investment firm Generate Capital, PBC.