First Citizens Bank’s energy finance group, part of the CIT division, served as the coordinating lead arranger on a $70.4 million construction and term loan financing facility for two standalone Jupiter Power battery energy storage projects in Texas, totaling 160 megawatts (MW) and 320 megawatt-hours (MWh). BankUnited and Siemens Financial Services participated as joint lead arrangers in the financing.
Based in Austin, TX, and Chicago, Jupiter Power is a company in energy storage infrastructure with 655 MWh of operating projects, 740 MWh in construction and more than 11,000 MW of new projects in development from Maine to California.
“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,” Andy Bowman, CEO of Jupiter Power, said. “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,” Mike Lorusso, managing director and group head for the energy finance team at First Citizens, said. “We were pleased to work with an industry leader in arranging financing for these two projects.”
