Preferred Equity Pioneer Captona Announces Transaction for 1 GWh Energy Storage Portfolio in Texas

Firm partners with esVolta on 3 utility-scale Battery Energy Storage Systems

NEW YORK--(BUSINESS WIRE)--Captona, a diversified energy transition investment firm, today announced the completion of a preferred equity transaction in three standalone, utility-scale Battery Energy Storage Systems (“BESS”) that will deliver nearly 1 GWh of energy across the state of Texas. The projects, which are currently under construction, were developed by esVolta, LP (“esVolta”), a leading developer, owner, and operator of utility-scale energy storage projects and a portfolio company of Generate Capital. Captona developed the financial structure and deployed capital from its equity partner for the investment. The investment follows a year of significant growth for Captona, which is now approaching $3 billion in enterprise value.

This investment is one of several recent transactions Captona has completed or developed across storage, solar, and microgrids using the preferred equity structure it pioneered, including the structuring of an investment in a portfolio of four utility-scale BESS projects in Texas with UBS Asset Management and a portfolio of Scale Microgrids community solar and microgrid assets in New York.

“This transaction reflects our mission to advance innovation and reliability in the energy transition,” said Izzet Bensusan, CEO and Founder of Captona. “These state-of-the-art storage systems will support grid resilience, enhance renewable energy integration, and help address the demand challenge in ERCOT. We are proud to partner with esVolta to drive the energy future forward.”

This portfolio of battery energy storage systems will play a vital role in the region’s power grid, delivering much needed and fast-responding clean energy resources to meet increasing demand for electricity in Texas. The three standalone systems — known as Anole, Desert Willow, and Burksol, located in Seagoville, Midlothian, and Afton, Texas, respectively — are expected to reach commercial operations in the first half of 2025.

Kirkland & Ellis LLP served as legal advisor to Captona and its equity partner while Morgan Lewis & Bockius served as counsel to esVolta.

About Captona

Captona is a leading North America-focused energy transition investment firm driving the next era of growth in the clean energy future. With close to $3 billion in enterprise value, Captona owns and operates more than 35 renewable energy and clean fuels projects, with a focus on storage, solar, microgrids, fuel cell, and RNG technologies. Captona's diverse portfolio of energy transition assets and proven track record of delivering innovative financing structures make Captona a partner of choice for both investors and developers. For more information about Captona, visit www.captona.com.