esVolta has secured $139.6m in project financing from MUFG Bank to support the construction and operation of the Boxcar Energy Storage project in Wylie, Texas, US.
The facility, located north-east of Dallas, is designed to provide 150MW of power and 300 megawatt-hours (MWh) of energy storage to the Electric Reliability Council of Texas (ERCOT) market on completion.
The financing arrangement includes a tax equity bridge loan, a construction loan, letters of credit and term loan facilities.
esVolta has signed a long-term offtake agreement with a corporate customer for the Boxcar project, highlighting ongoing demand from commercial and industrial sectors for energy storage solutions.
Once operational, the project will increase esVolta’s total energy storage capacity within ERCOT to approximately 1.6 gigawatt-hours (GWh).
The transaction marks a further step in esVolta’s growth within Texas, where battery storage is increasingly used to manage electricity supply and demand, and support integration of renewable energy sources.
The company’s Texas portfolio is expected to reach 1.56GWh across five battery storage projects by the time Boxcar begins operation in 2027.
esVolta chief financial officer Justin Johns said: “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.”
Orrick, Herrington & Sutcliffe acted as adviser to esVolta for this transaction, while Winston & Strawn advised MUFG Bank.
MUFG managing director Fred Zelaya said: “MUFG is proud to support esVolta on the Boxcar BESS [battery energy storage system] project. MUFG recognises that energy storage technology and infrastructure are critical to the growth of clean energy, and we are intent on strategically supporting projects in key markets such as ERCOT.”
esVolta has developed and operated stand-alone battery energy storage assets across North America since 2017.
In January 2025, it completed a preferred equity transaction facilitated by Captona, an energy transition investment firm. Together with proceeds from the sale of input tax credits, the investment totals $243m.
“esVolta secures $139.6m to support storage project construction” was originally created and published by Power Technology, a GlobalData owned brand.
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