esVolta Executes First Standalone ITC Transfer on New California Storage Asset

New updates have been reported about esVolta (PC:ESVOL)

esVolta, LP has completed its first standalone transfer of a federal investment tax credit (ITC), monetizing the ITC from its newly commissioned Black Walnut battery storage project in California through a transaction with Computacenter Holdings. The Black Walnut facility, which entered service in October 2025, provides 15 MW / 60 MWh of grid-scale storage capacity to the California ISO system, reinforcing grid reliability and supporting renewable integration in a core market for the company. The ITC transfer structure enables esVolta to convert tax attributes into upfront capital, diversifying its financing toolkit at a time when federal incentives are a key driver of energy storage economics. Legal advisors on the transaction were Orrick, Herrington & Sutcliffe LLP for esVolta and Buchanan Ingersoll & Rooney PC for Computacenter, underscoring the deal’s structured, precedent-setting nature for the company.

CEO Randolph Mann framed the deal as part of a broader strategy to access a range of clean energy financing structures to support growth in battery storage across key U.S. markets, with ITC transfers expected to be an increasingly important source of non-dilutive capital. Computacenter executives highlighted the alignment of the investment with corporate sustainability objectives, pointing to growing demand from large enterprises to participate in decarbonization through tax-credit investments. Black Walnut expands esVolta’s California footprint within a national portfolio of approximately 1.7 GWh of operating and in-construction storage assets, backed by majority owner Generate Capital. For executives and investors, the transaction signals that esVolta is actively leveraging Inflation Reduction Act–enabled tax credit transferability to accelerate project development, optimize capital structure, and position itself competitively as more standalone storage projects come online and reshape how clean energy is delivered and consumed in the U.S.