Generate Capital to Acquire esVolta
Posted on 07/24/2022
Generate Capital 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. 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. 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.
esVolta is sponsored by New York-based RBP Partners, LLC and supported by a long-term strategic procurement arrangement with Powin Energy Corporation. Digby Beaumont is currently a Partner and Co-founder of RBP Partners.
QIC has an 18% ownership stake in General Capital. AustralianSuper, Aware Super, RPMI Railpen, AP2, as well as the Wellcome Trust are investors in Generate Capital.
