esVolta, LP announced the closing of a $139.6 million project financing with MUFG Bank, Ltd., one of the world's leading project finance lenders.
Here are three key points on the esVolta Boxcar project:
- Significant Project Financing: esVolta secured $139.6 million in financing from MUFG Bank, Ltd. to fund the construction and long-term operation of the Boxcar Energy Storage project.
- Project Specifications and Impact: Located in Wylie, Texas, the Boxcar project will provide 150 MW of power and 300 MWh of energy storage capacity. It is backed by a long-term offtake agreement with a major corporate customer and is designed to bolster grid reliability within the ERCOT market.
- Strategic Expansion in Texas: The project is part of esVolta's larger growth strategy in Texas. By the time Boxcar becomes operational in 2027, the company’s Texas portfolio will consist of five battery projects totaling 1.56 GWh of storage capacity.
The financing package includes a construction loan, a tax-equity bridge loan, letters of credit, and term loan facilities to support the construction and long-term operation of the Boxcar Energy Storage project located in Wylie, Texas, northeast of Dallas. Once completed, the Boxcar project will deliver 150 MW of power and 300 MWh of energy storage capability to the Electric Reliability Council of Texas (ERCOT) market.
esVolta has secured a long-term offtake agreement for the project with a major corporate customer, underscoring the growing demand from commercial and industrial energy users for reliable, dispatchable energy solutions. Once operational, the project will deliver flexible capacity and fast-response grid services to help support reliability in one of the nation's most dynamic and fast-growing power markets.
"MUFG is a premier lender in the energy infrastructure space, and their support of Boxcar reflects strong confidence in both the project and esVolta's platform," said Justin Johns, Chief Financial Officer of esVolta. "As ERCOT continues to experience rapid load growth and continued volatility, projects like Boxcar are essential to maintaining grid stability and delivering reliable power when it's needed most."
esVolta
esVota leadership breaks ground at Boxcar.
The transaction marks a step forward in esVolta's continued expansion in Texas, where battery storage is playing an increasingly critical role in balancing supply and demand, integrating renewable resources, and enhancing system resilience. By the time Boxcar is operational in 2027, esVolta's Texas portfolio of 5 battery projects will provide 1.56 GWh of storage capacity.
"MUFG is proud to support esVolta on the Boxcar BESS project," said Fred Zelaya, Managing Director. "MUFG recognizes that energy storage technology and infrastructure are critical to the growth of clean energy, and we're intent on strategically supporting projects in key markets such as ERCOT."
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Having successfully developed, built, and operated standalone battery energy storage assets since 2017, esVolta continues to expand its national footprint with a robust pipeline of projects across key U.S. power markets. Through disciplined development and innovative financing, the company is delivering critical infrastructure that supports reliability, sustainability, and long-term value creation.
