Jupiter Power, an energy storage project developer, secured a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas, totaling 160 MW / 320 MWh.
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. BankUnited, N.A. and Siemens Financial Services were Joint Lead Arrangers.
“Across the country, energy storage is increasingly important for strengthening grid reliability and meeting the growing demand for firm power arising from the energy transition,” said Andy Bowman, CEO of Jupiter. “We appreciate the expertise of First Citizens’ Energy Finance team in working with us to arrange and close the financing for this Texas battery storage portfolio.”
“Jupiter Power has a growing reputation for excellence in battery energy storage system solutions,” said Mike Lorusso, managing director and group head for the Energy Finance team. “We were pleased to work with an industry leader in arranging financing for these two projects.”
According to Mercom’s recently released 1H and Q2 2023 Energy Storage and Smart Grid Report, there were eight Energy Storage project funding deals in Q2 2023 worth $2.1 billion compared to nine projects worth $2 billion in Q1 2023. In a YoY comparison, $3.7 billion was raised in fifteen deals in Q2 2022.
Spearmint Energy, a green merchant trading company developing, owning, operating, and trading around Battery Energy Storage, closed a $200 million credit facility with Aiga Capital Partners, an investment management firm providing flexible capital solutions to North American-based companies developing sustainable infrastructure assets. The term loan will support the development of Spearmint’s 1.2 GW / 2.4 GWh portfolio of BESS assets in Texas’ ERCOT power market and continued expansion of the company’s innovative, utility-scale storage portfolio across the U.S.