Southern Power announces partnership with esVolta for energy storage projects
July 26, 2019
Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced its partnership with esVolta, a prominent developer and owner of lithium-ion battery storage projects. The partnership includes up to four utility-scale energy storage projects located in California totaling more than 86 megawatts (MW) and 345-megawatt hours (MWh). The company's investment in one project has closed, and three others are subject to completion.
"Battery storage is an emerging technology with the potential to revolutionize how energy is supplied," said Southern Power President Bill Grantham. "These projects and our partnership with esVolta are a great strategic fit for our business, and these transactions will further position Southern Power to meet our customers' needs as the energy industry continues to evolve."
With increasing demand for energy storage solutions, the partnership with esVolta supports Southern Power's growth and low-risk business strategy of developing or acquiring interests in projects covered by long-term contracts.
"The consummation of our new partnership with Southern Power represents a tremendous milestone for esVolta," said esVolta Founder and President, Randolph Mann. "Southern Power is an outstanding company and a leader in the U.S. electricity sector. Our collaboration will enhance esVolta's ability to capitalize on the strong growth of the energy storage business, and we are excited to work alongside the outstanding team at Southern Power to bring additional high-quality utility-scale storage projects to fruition for our utility customers."
Southern Company is committed to providing clean, safe, reliable and affordable energy, with a goal of transitioning to low- to no-carbon operations by 2050. A low-carbon future will require the integration of cost-effective energy storage with intermittent renewable generation.
esVolta was advised on the transaction by Javelin Capital.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider meeting the electricity needs of municipalities, electric cooperatives, investor-owned utilities and other energy customers. Southern Power and its subsidiaries own 49 facilities operating or under development in 12 states with more than 11,200 MW of generating capacity in Alabama, California, Delaware, Georgia, Kansas, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About esVolta, LP
esVolta is a developer, owner and operator of utility-scale energy storage projects across North America. The company's portfolio of operational plus contracted projects exceeds 500 MWh of capacity, and the firm is developing a large pipeline of future storage projects. esVolta is supported by a long-term strategic procurement arrangement with Powin Energy Corporation. More information about esVolta is available at www.esVolta.com.