Jupiter raises $70 million for two battery projects

Jupiter Power, an energy storage project company has been awarded an order to construct two standalone battery energy storage projects of 160 MW/ 320 MWh capacity in Texas. The company has raised $70 million for setting up these projects.

First Citizens served as the coordinating lead organiser on the development and term loan financing arrangement for the standalone battery energy storage system projects through its Energy Finance division. Siemens Financial Services, BankUnited, and N.A. worked together as lead arrangers.

In May 2023, Apex Clean Energy and Powin, the developer of energy storage platforms, had decided to collaborate on the development of two new battery storage projects in Texas. The projects, known as Angelo Storage and Great Kiskadee Storage, will assist grid reliability in the Energy Reliability Council of Texas market and have a total capacity of 400 MWh.

In March 2023, Avangrid, a US-based energy company, started the construction of two solar facilities in Texas and Ohio. The combined clean energy output from the Texas True North and Ohio Powell Creek projects will be 523.5 MW. True North, which was being built in Falls County, Texas, will start producing 321MW of power in the early 2025 timeframe. The project is anticipated to provide more than 200 employments during construction.