March 5, 2020: CIT Group has arranged $140 million financing for utility-scale energy storage systems developer esVolta to install more than 136MW/480MWh of energy storage units in California, the investment firm announced on February 24.
The eight projects, which are all battery-backed renewable energy installations, have been agreed by Power and Energy, which is part of CIT’s Commercial Finance division.
They form the company’s ‘esFaraday’ portfolio of energy storage projects, and on four of them esVolta will partner Southern Power Company.
EsVolta has also developed an 8MW/41MWh energy storage system in Ontario, Canada.
“Battery storage is helping revolutionize energy distribution, particularly for utility-scale renewable energy generation projects,” said esVolta vice president and chief financial officer Krish Koomar.
“We appreciate CIT’s expertise and agility in understanding our technology and arranging this financing package.”
Arranging finance for battery/energy storage systems is one of CIT Power and Energy’s key areas of interest, along with distributed generation, renewable power and energy infrastructure.
“EsVolta is recognized as an industry leader in utility-scale battery projects and we were pleased to work closely with them to meet their financing objectives,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy unit.