YORK, Nov. 14, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Energy Finance business
served as lead agent on a $170
million credit facility for esVolta, a leading developer,
owner and operator of utility-scale battery energy storage projects
in North America.
The facility supports the completion of the company's esFaraday
portfolio, which comprises 370 megawatt hours of energy storage
projects in California. The
portfolio consists of two operational projects and two construction
projects, all of which deploy commercially proven battery
"The esFaraday projects are important assets in our company's
growing California storage project
portfolio," said Randolph Mann, CEO
of esVolta, LP. "We're pleased to continue our relationship with
the experienced team at First Citizens and appreciate the
constructive creativity of the entire lender group in executing
this refinancing transaction."
The refinancing upsizes a credit facility from February 2020, which was arranged by CIT prior to
its merger with First Citizens in January
"esVolta is recognized as an industry leader in utility-scale
battery projects," said Mike
Lorusso, Energy Finance group head at First Citizens Bank.
"We are pleased to support esVolta by successfully leading the
effort on this important financing."
First Citizens Energy Finance leverages its deep
industry knowledge and expertise to offer comprehensive financing
solutions for renewable and conventional power generation. The unit
manages a large, diverse portfolio that includes investments in all
asset classes across the energy sector.
esVolta was advised by Morgan
Lewis & Bockius LLP, and Winston & Strawn LLP served
as legal adviser for the financiers.
About First Citizens Bank
First Citizens Bank
helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., and
now celebrating the 125th anniversary of its founding, First
Citizens has built a unique legacy of strength, stability and
long-term thinking that has spanned generations. First Citizens
offers an array of general banking services including a network of
more than 500 branches and offices in 30 states; commercial banking
expertise delivering best-in-class lending, leasing and other
financial services coast to coast; innovation banking serving
businesses at every stage; and a nationwide direct bank. Parent
company First Citizens BancShares, Inc.
(NASDAQ: FCNCA) is a top 20 U.S.
financial institution with more than $200
billion in assets. Discover more at
Founded in 2017,
esVolta, LP is a top developer, owner, and operator of
utility-scale energy storage projects across North America. The company's portfolio of
operational plus contracted projects totals over 1,600 megawatt
hours of storage capacity, and the firm is developing a large
pipeline of future storage projects. esVolta is owned
by Generate Capital, PBC, a leading sustainable
infrastructure company driving the infrastructure transition.
Additional information about esVolta is available
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SOURCE First Citizens Bank