Jupiter Power secures £70.4m CIT loan for Texas storage

July 20, 2023

The energy finance group of CIT, a division of First Citizens Bank, served as the coordinating lead arranger on a $70.4 million construction and term loan financing facility for two Jupiter Power standalone battery energy storage projects in Texas, totalling 160MW / 320MWh. 

BankUnited  and Siemens Financial Services participated as joint lead arrangers in the financing.

Based in Austin, Texas and Chicago, Illinois, Jupiter Power has 655MWh of operating projects, 740MWh in construction and more than 11,000 MW of new projects in development in the US.

“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.”

Mike Lorusso, managing director and group head for the CIT energy finance team, said: Jupiter Power has a growing reputation for excellence in battery energy storage system solutions. We were pleased to work with an industry leader in arranging financing for these two projects.”