Jupiter Power Receives $65.2M Construction Loan to Build 400-MWh Battery Storage in Houston

Dec. 21, 2023
The loan from First Citizens follows a precious financing deal with Jupiter Power for a $70.4 million construction and term loan financing facility for two other standalone battery energy storage projects in Texas.

First Citizens Bank's Energy Finance business is investing with Jupiter Power to fund construction of a 200 MW/400 MWh battery energy storage system in Houston.
The value of the First Citizens loan is $65.2 million. It follows a precious financing deal with Jupiter Power for a $70.4 million construction and term loan financing facility for two standalone battery energy storage systems (BESS) in Texas, totaling 160 MW/320 MWh.
"Jupiter has 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," said Andrew Bowman, Chief Executive Officer of Jupiter.
Jupiter Power owns 775 MWh of operating projects, 620 MWh in construction and more than 11,000 MW of new projects in development from Maine to California. Among its Texas projects includes a deal with Energy Vault supplying battery storage for Jupiter in Fort Stockton and another BESS in California.
"Jupiter Power has a strong reputation across the industry for identifying strategic locations for battery storage systems," said Mike Lorusso, managing director and group head for First Citizens Energy Finance.
North Carolina-based First Citizens Bank has proven to be an important leader in the energy transition market. Earlier this year, First Citizens acquired the assets of the failed Silicon Valley Bank (SVB), whose accounts included many clean energy startups. 
That deal for SVB included some $110 billion in assets and $72 billion in loans, according to reports.

Jupiter Power, in turn, is supported by private equity giant BlackRock's Diversifed Infrastructure business fund. 

About the Author

Rod Walton, EnergyTech Managing Editor | Senior Editor

For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].

Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World. 

EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023

Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.