esVolta has secured $139.6 million in project financing from MUFG Bank Ltd. to support the development of the Boxcar Energy Storage project in Wylie, Texas.
The financing package includes a construction loan, tax equity bridge loan, letters of credit, and term loan facilities. These will fund the construction and long-term operation of the project, which is located northeast of Dallas, Texas.
Once completed, the Boxcar project is expected to deliver 150 MW of power and 300 MWh of energy storage capacity to the Electric Reliability Council of Texas market. The project has already secured a long-term offtake agreement with a major corporate customer, reflecting rising demand for reliable and dispatchable energy solutions among commercial and industrial users.
The facility will provide flexible capacity and fast-response grid services, helping to enhance reliability in one of the fastest-growing and most dynamic power markets in the United States.
Justin Johns, Chief Financial Officer of esVolta, said the partnership with MUFG highlights strong confidence in both the project and the company’s platform, particularly as ERCOT continues to experience rapid load growth and market volatility.
The development marks a key step in esVolta’s expansion strategy in Texas, where battery storage is playing an increasingly important role in balancing electricity supply and demand, integrating renewable energy, and strengthening grid resilience. By 2027, the company’s Texas portfolio is expected to include five battery storage projects with a combined capacity of 1.56 GWh.
MUFG Managing Director Fred Zelaya noted that energy storage infrastructure is critical to clean energy growth, adding that the bank remains committed to supporting strategic projects in key markets such as ERCOT.
Legal advisory support for the transaction was provided by Orrick, Herrington & Sutcliffe LLP to esVolta and Winston & Strawn LLP to MUFG.
Since 2017, esVolta has developed, built, and operated standalone battery energy storage assets and continues to expand its presence across major U.S. power markets through a growing project pipeline focused on reliability, sustainability, and long-term value creation.
