Jupiter Power secures US$70 million for 320MWh ERCOT projects

LinkedIn
Twitter
Reddit
Facebook
Email

Developer Jupiter Power has announced US$70.4 million in loan financing for two battery storage projects in ERCOT, Texas, arranged by First Citizens Bank.

Through its Energy Finance group, First Citizens acted as Coordinating Lead Arranger on the construction and term loan financing facility for the standalone battery energy storage system (BESS) projects, Jupiter said yesterday (17 July). BankUnited, N.A. and Siemens Financial Services were Joint Lead Arrangers.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The two BESS projects total 160MW/320MWh of energy storage capacity although no more details were given on them.

However, First Citizens’ Energy Finance group’s criteria for project financing indicates the projects have committed equity and are in late stage development with all requirements for construction or operation in place.

Jupiter Power, which was acquired by asset manager BlackRock late last year, only lists six projects on its website in ERCOT, all already operational totalling 655MWh of capacity. But none of them can combine to add up to 160MW/320MWh, and in any case it already secured debt financing for that portfolio in April 2022.

It has been quiet on announcements since becoming part of the Blackrock having announced numerous projects over 2022. It enlisted Energy Vault, the company known for its gravity-based technology, to deploy 220MWh of BESS in Texas and California in August, and a month later announced plans for 2.4GWh of ‘US-localised battery storage’ with the firm.

The firm has 340MWh of projects in or ‘near’ construction including its first in California, it said at the time of the BlackRock acquisition.

The ERCOT, Texas market, is the most active in the US along with California, as developers seek to capitalise on a big ancillary services market and increasing price volatility amidst massive growth in renewable generation. It accounted for 70% of BESS deployments in the US in the first quarter.

However, average revenues may begin to fall from next year as ancillary service market begin to saturate and state-of-charge (SOC) requirements for those services limit participation, Energy-Storage.news recently wrote in a Premium article. The state continues to see a severe heatwave with temperatures consistently hitting the high 30s, and BESS units are helping grid operator ERCOT to manage the challenges that come with this.

Read Next

May 1, 2025
Yarra Energy Foundation has secured funding to install three new community batteries in and around Melbourne, Victoria, Australia.
April 30, 2025
NYSERDA has launched a programme to incentivise residential and retail energy storage in the state, offering a total of US$775 million for energy storage projects.
April 30, 2025
Investor NTR has picked system integrator Fluence for a 55MW/110MWh BESS project in Finland, with grid forming capabilities.
April 29, 2025
A panel discussed the impact of CAISO’s interconnection reforms at last month’s Energy Storage Summit USA 2025 in Dallas.
April 28, 2025
Flow battery startup Quino Energy and developer Long Hill Energy Partners have been awarded US$10 million in grant funding by the California Energy Commission (CEC) to support a 8MWh flow battery energy storage system (BESS) project in Lancaster, California, US.

Most Popular

Email Newsletter