SAN FRANCISCO, CA – July 21, 2022 – Generate Capital, a leading sustainable infrastructure investment and operating platform, today announced it has acquired large-scale battery storage developer esVolta LP to accelerate the availability of energy storage projects critical to decarbonizing the electric grid and improving resiliency.
The acquisition enables Generate to expand into the front-of-the-meter battery storage market by adding a fast-growing and experienced team with a pipeline of attractive projects.
One of the leading large-scale energy storage developers in the United States, esVolta was founded in California in 2017 and has a portfolio of more than 900 megawatt hours of operational and utility-contracted projects in the U.S. and Canada. The company also has a portfolio of projects under active development in Texas, Arizona, Montana, California, Virginia, Colorado, Washington and New Mexico.
“Our team at esVolta is excited to be joining forces with Generate to expand the battery storage market amid increasing demand from offtakers and utilities throughout the United States,” said Randolph Mann, president of esVolta. “Generate is the ideal choice to support our long-term growth – sharing our vision of a modernized and decarbonized grid and the comprehensive approach to building it out.”
The acquisition represents Generate’s entry into the front-of-meter storage market, expanding its focus on grid-connected storage, where the company has been building infrastructure since 2014.
“We have long believed that battery storage is critical to building a sustainable energy system and ensuring grid reliability as we scale up renewables and accelerate the energy transition. That is why we have been investing money and effort to grow this market since we started the company,” said Scott Jacobs, chief executive and co-founder of Generate. “Our partnership with esVolta today highlights the enormous potential for battery storage projects to rebuild our energy system. We’re excited to work with this innovative and expert team to expand our collective leadership in storage and resiliency markets nationwide.”
The acquisition was facilitated by Kirkland & Ellis LLP as legal adviser for Generate and Nomura Greentech as financial adviser. For esVolta, Citi served as financial adviser and Hogan Lovells US LLP as legal adviser.