First Citizens Bank & Jupiter Power close $65.2m Texas battery financing

January 5, 2024

First Citizens Bank’s energy finance business and Jupiter Power have closed $65.2 million in financing for construction of a 200MW / 400MWh battery energy storage system in Houston, Texas.

Based in Austin, Texas, and Chicago, Illinois, Jupiter Power has 775 MWh of operating projects, 620 MWh in construction and more than 11GW of new projects in development.

Prior to the latest financing, First Citizens Energy Finance served as coordinating lead arranger on a previous transaction with Jupiter Power for a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas, totaling 160 MW/ 320 MWh.

Andrew Bowman, CEO of Jupiter Power, said: “Jupiter is excited to have closed financing for this very unique project, which answers the call from the Texas Legislature to build more dispatchable power in ERCOT and near major load centres where consumers need it the most.”

Mike Lorusso, managing director and group head for First Citizens Energy Finance, said: “Jupiter Power has a strong reputation across the industry for identifying strategic locations for battery storage systems.”