First Citizens Bank, in collaboration with Jupiter Power LLC (“Jupiter Power”), has successfully secured $65.2 million in financing for the construction of a cutting-edge 200-megawatt (MW) / 400 megawatt-hour (MWh) battery energy storage system in Houston, Texas. Both entities finalized the deal through First Citizens Bank’s Energy Finance business.
Jupiter Power, headquartered in Austin, Texas, and Chicago, Illinois, has established itself as a frontrunner in energy storage infrastructure, boasting 775 MWh of operational projects, 620 MWh under construction, and a robust pipeline of over 11,000 MW in new projects spanning from Maine to California.
Andrew Bowman, Chief Executive Officer of Jupiter Power, expressed enthusiasm for the project, stating, “Jupiter is excited to have closed financing for this very unique project, which answers the call from the Texas Legislature to build more dispatchable power in ERCOT and near major load centers where consumers need it the most. We appreciate the commitment of the First Citizens Energy Finance team to understand Jupiter Power’s capabilities and deliver tailored financial solutions.”
Mike Lorusso, Managing Director and Group Head for First Citizens Energy Finance commended Jupiter Power for its strategic approach to battery storage systems, saying, “Jupiter Power has a strong reputation across the industry for identifying strategic locations for battery storage systems. We were pleased to be selected to again lead financing to support their battery energy storage systems.”
This isn’t the first collaboration between First Citizens Energy Finance and Jupiter Power. In addition to the current $65.2 million financing, First Citizens Energy Finance previously served as the Coordinating Lead Arranger for a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas, totaling 160 MW/ 320 MWh.
First Citizens Energy Finance, leveraging its extensive industry knowledge, continues to provide comprehensive financing solutions for both renewable and conventional power generation. The unit manages a sizable and diverse portfolio that includes investments in all asset classes across the energy sector.
