Austin-based energy storage company Jupiter Power LLC has secured a $70.4 million construction and term loan financing package for two standalone battery energy storage projects in Texas, though the exact locations of the facilities remain undisclosed. According to reports from Austin Business Journal, these projects are expected to have an overall capacity of 160 megawatts/320 megawatt-hours, adding on to their 655 megawatt-hours of operating projects already completed and 740 megawatt-hours currently under construction as well as more than 11,000 megawatts worth of new developments nationwide. First Citizens Bank, BankUnited NA and Siemens Financial Services acted as joint lead arrangers for this deal.
The Texas power system known as ERCOT has experienced reliability issues recently which is why Andy Bowman from Jupiter stated that “energy storage is increasingly important for strengthening grid reliability and meeting the growing demand for firm power arising from the energy transition” across America today. Founded in 2017 by BlackRock Alternatives last year ,Jupiter continues its mission towards providing reliable solutions through renewable sources such as solar or wind powered batteries .
