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Generate Capital, a leading platform for sustainable infrastructure investments and operations, announced recently that it had acquired large-scale battery storage company esVolta LP. This acquisition will allow Generate Capital to increase the availability of energy storage projects essential to decarbonize the electric grid and improve resilience.
Generate will now be able to enter the forefront-of-the-meter battery storage market through this acquisition. Generate has added a fast-growing, experienced team and a pipeline full of exciting projects.
esVolta is one of the most prominent large-scale energy storage companies in the United States. It was established in California in 2017. The company has a portfolio that exceeds 900 megawatts of utility-contracted and operational projects in the U.S.A and Canada. There are also projects in Texas, Arizona and Montana, California, Virginia, Colorado, Washington and New Mexico.
Randolph Mann, president at esVolta, stated that “Our team at esVolta was excited to join forces with Generate in order to expand the market for battery storage amid increasing demand by off-takers as well as utilities throughout the United States. Generate is an ideal choice to support our long-term growth. They share our vision of a modernized, decarbonized grid as well as a comprehensive approach to building it.”
Generate has entered the front-of-the-meter storage market with this acquisition. It expands its focus on grid-connected storage where it has been building infrastructure since 2014.
“We believe that battery storage is essential to building a sustainable energy system, ensuring grid reliability, and scaling up renewables to accelerate the energy transition.” Scott Jacobs, co-founder and chief executive of Generate, stated that this is why we have invested money and effort in growing the market. Our partnership today with esVolta highlights the immense potential for battery storage projects that will rebuild our energy system. We are excited to collaborate with this talented team in order to increase our collective leadership in the storage and resilience markets across the country.
Kirkland & Ellis LLP was the legal advisor for Generate, and Nomura Greentech was the financial adviser. esVolta was served by Citi as a financial advisor and Hogan Lovells USA LLP as a legal advisor.