Macquarie’s Green Investment Group (GIG) is investing in North American energy storage developer esVolta.
GIG said its investment will initially take the form of a bridge loan but will convert to equity upon receipt of regulatory approvals. The amount being invested was undisclosed.
RBP Partners will remain a substantial shareholder in the business post-transaction.
GIG said the investment will support the continued North American expansion of esVolta and finance its portfolio of over 600MWh of contracted energy storage projects, primarily in California, and an additional development pipeline of more than 2GWh.
Greg Callman, global head of energy technology at GIG, said GIG is uniquely positioned to accelerate esVolta’s growth and help deliver the company’s development pipeline.
Randolph Mann, founder and CEO of esVolta, said: “With this agreement and support from the Green Investment Group, we are positioned to rapidly grow our energy storage business across North America.
“Demand for energy storage in our home state of California remains strong, and we see vast opportunities for geographic expansion, as well as additional product and service offerings. Our relationship with GIG will further broaden our expertise and unlock additional growth opportunities.”
Digby Beaumont, managing director at RBP Partners, said: “This investment from GIG is a significant endorsement of the high-quality team, portfolio and pipeline esVolta has assembled.”
We are looking forward to working closely with GIG and the esVolta team in coming years to take maximum advantage of the opportunities ahead for the business.”
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