2 minute read | April.29.2026
esVolta announces $139.6 million in project financing from MUFG Bank to develop, construct and operate its 150 MW / 300 MWh Boxcar battery storage project in Texas. The financing package includes construction and term debt, tax equity bridge financing and letters of credit, and is supported by a long-term offtake agreement, with the project expected online in 2027.
Orrick advised esVolta.
esVolta, LP is a developer, owner and operator of utility-scale energy storage projects across the U.S. The company's portfolio of operational and in-construction contracted storage capacity is approximately 2.0 GWh, supplying both utilities and corporate offtakers. The firm has over 25 GWhs of future storage projects in its pipeline.
The transaction advances esVolta’s buildout in Texas, where battery storage has become essential to maintaining grid reliability amid rapid load growth, intermittent renewable generation and increasing price volatility in ERCOT. As more solar and wind come online, storage is critical to balancing supply and demand and preventing outages. Including Boxcar, esVolta’s five-project Texas portfolio is expected to deliver 1.56 GWh of storage capacity by the end of 2027.
The Orrick team is led by Lisa Magged with support from Walter Alarkon, Elizabeth Campbell, Katya Simon, Joey Kim and Molly Jergenson.