esVolta Secures $139.6 Million Project Financing for 300 MWh Boxcar Energy Storage Project in Texas

Once online, the project will bring esVolta's ERCOT energy storage portfolio to nearly 1.6 GWh

NEWPORT BEACH, Calif., March 24, 2026 /PRNewswire/ -- esVolta, LP ("esVolta"), a leading developer, owner, and operator of utility-scale battery energy storage projects across North America, today announced the closing of a $139.6 million project financing with MUFG Bank, Ltd., one of the world's leading project finance lenders.

The financing package includes construction loan, 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."

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."

esVolta was advised by Orrick, Herrington & Sutcliffe LLP on the transaction, while MUFG was advised by Winston & Strawn LLP.

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.

About esVolta

Founded in 2017, esVolta, LP is a leading developer, owner, and operator of utility-scale energy storage projects across the US. 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. esVolta is a portfolio company of Generate Capital, a leading sustainable infrastructure investment platform that partners with more than 50 leading technology providers and developers to build, finance, own, and operate sustainable infrastructure for the long term. Additional information about esVolta is available at www.esvolta.com.

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SOURCE esVolta