Austin-based energy storage company Jupiter Power LLC has locked in a $70.4 million construction and term loan financing deal for two standalone battery energy storage projects in Texas.
The projects are expected to have capacity totaling 160 megawatts/320 megawatt-hours, according to a July 17 announcement. The locations of the battery projects were not disclosed.
That adds to the company's 655 megawatt-hours of operating projects already completed, along with 740 megawatt-hours in construction and more than 11,000 megawatts of new projects in development nationwide. The financing was arranged by First Citizens Bank and BankUnited NA and Siemens Financial Services were joint lead arrangers.
"Across the country, energy storage is increasingly important for strengthening grid reliability and meeting the growing demand for firm power arising from the energy transition," stated Andy Bowman, CEO of Jupiter and adjunct lecturer at the University of Texas.
Jupiter was founded in 2017 and last year was acquired by BlackRock Alternatives from EnCap Investments LP.
