Macquarie’s Green Investment Group Invests In North American Utility-Scale Storage Developer
January 19, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Macquarie’s Green Investment Group (GIG) announced that it will make an investment in esVolta, a developer and owner of utility-scale energy storage projects across North America.
The investment will support the continued North American expansion of esVolta and finance its portfolio of over 600 MWh of contracted energy storage projects, primarily in California, and an additional development pipeline of more than 2 GWh.
"The relationship brings together esVolta’s project origination, development and delivery capabilities with GIG’s financial, technical and structuring expertise. The investment will initially take the form of a bridge loan but will convert to equity upon receipt of regulatory approvals, including the approval of The Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission," the companies said
This investment is being led by a purpose-built team within GIG that focuses on investing in key, emerging aspects of the energy transition, including grid scale storage, distributed energy and fleet electrification, across both infrastructure and growth equity.
RBP Partners will remain a substantial shareholder in the business post transaction.