New updates have been reported about esVolta.
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esVolta has closed a $139.6 million multi-tranche project financing with MUFG Bank to build and operate the Boxcar Energy Storage project in Wylie, Texas, marking a significant expansion of its position in the ERCOT market. The package combines a construction loan, tax equity bridge facility, letters of credit, and a term loan to fund both near-term buildout and long-term operations of the 150 MW/300 MWh standalone battery system.
The company has already locked in a long-term offtake agreement with a large corporate buyer, securing predictable cash flows and evidencing rising demand from commercial and industrial customers for dispatchable capacity in Texas. Once Boxcar enters service, targeted for 2027, it will provide flexible capacity and fast-response ancillary services to help stabilize a grid experiencing rapid load growth and volatility, and will lift esVolta’s ERCOT storage portfolio to roughly 1.6 GWh across five projects.
CFO Justin Johns described MUFG’s participation as a validation of both the asset’s quality and esVolta’s broader platform, highlighting the strategic importance of storage in maintaining reliability during peak demand and renewable intermittency. MUFG executives framed the transaction as part of a deliberate push to fund energy storage infrastructure in key U.S. power markets, aligning the bank’s lending strategy with the growth of clean energy.
The deal reinforces esVolta’s long-term growth trajectory, adding to an existing operational and under-construction contracted portfolio of about 2.0 GWh and supporting a development pipeline exceeding 25 GWh across the United States. By scaling storage capacity in ERCOT and other core markets, esVolta is positioning itself as a critical provider of grid-support assets that enhance reliability, enable greater renewable integration, and create durable contracted revenue streams for investors.
Legal counsel on the transaction included Orrick, Herrington & Sutcliffe for esVolta and Winston & Strawn for MUFG, underscoring the project’s complexity and bankability. As a portfolio company of Generate Capital, esVolta continues to leverage institutional backing and structured project finance to accelerate deployment of utility-scale battery projects that aim to deliver both system resilience and long-term value creation.