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.