Sustainable infrastructure firm Generate Capital has reportedly acquired battery storage developer esVolta LP to expedite the availability of energy storage projects crucial for decarbonizing the electric grid and enhancing resiliency.
The acquisition provides Generate with an experienced team along with a strong project pipeline, allowing for an expansion into the front-of-the-meter battery storage market.
Founded in California in 2017, esVolta has a profile of over 900 MWh of utility-contracted and operational projects in Canada and the United States.
The company also has a pipeline of under-development projects in Arizona, Texas, California, Montana, Colorado, Virginia, New Mexico, and Washington.
Randolph Mann, President of esVolta expressed delight in teaming up with Generate for expanding the battery storage market with growing demand from utilities and off-takers.
Commenting on the acquisition, Mann stated that Generate is the perfect partner to support its long-term growth and that the company shares esVolta’s vision of building a decarbonized grid.
The acquisition will allow Generate to enter the front-of-meter storage market and expand grid-connected storage where it has been developing infrastructure for eight years.
Generate Co-Founder and Chief Executive Scott Jacobs has stated that the company’s partnership with esVolta underlines the immense potential for battery storage initiatives to redevelop its energy system.
To facilitate the acquisition, Generate consulted Kirkland & Ellis LLP for legal advice and Nomura Greentech for financial advice. On the other hand, esVolta consulted Hogan Lovells US LLP for legal advice and Citi for financial advice.
For the record, Generate Capital develops, operates, owns, and funds solutions for transportation, waste, water, and digital infrastructure. The company collaborates with more than 50 project and technology developers and operates and owns over 2,000 assets worldwide.
Generate Capital offers an Infrastructure-as-a-Service model that delivers reliable, affordable, and sustainable resources to thousands of customers, communities, companies, universities, and schools.