CIT Invests $140 Million in Energy Storage Portfolio

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CIT Group Inc. says its Power and Energy business served as lead arranger for a $140 million financing for esVolta, a developer of utility-scale energy storage systems for renewable energy projects.

The portfolio consists of more than 136 MW of energy storage units supporting eight energy projects in California. esVolta has long-term revenue contracts for all of the projects and is partnering with Southern Power Company on four of them.

“Battery storage is helping revolutionize energy distribution, particularly for utility-scale renewable energy generation projects,” says Krish Koomar, vice president and CFO of esVolta. “We appreciated CIT’s expertise and agility in understanding our technology and arranging this financing package.”

CIT’s Power and Energy unit is among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.

Photo: An esVolta energy storage project

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