CIT Group Inc. announced its Power and Energy business served as lead arranger for a $140 million financing for esVolta, a leading developer of utility-scale energy storage systems for renewable energy projects.

The portfolio consists of more than 136 megawatts of energy storage units supporting eight energy projects in California. In addition, esVolta has long-term revenue contracts for all of the projects and is partnering with Southern Power Company on four of them.

“Battery storage is helping revolutionize energy distribution, particularly for utility-scale renewable energy generation projects,” said Krish Koomar, esVolta Vice President and Chief Financial Officer. “We appreciated CIT’s expertise and agility in understanding our technology and arranging this financing package.”

“esVolta is recognized as an industry leader in utility-scale battery projects and we were pleased to work closely with them to meet their financing objectives,” said Mike Lorusso, Managing Director and group head for CIT's Power and Energy unit.

CIT’s Power and Energy unit, part of CIT's Commercial Finance division, is among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.