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First Citizens Bank Serves as Lead Arranger on $70.4MM in Financing for Two Texas Battery Storage Projects

July 18, 2023, 07:35 AM
Filed Under: Energy

First Citizens Bank announced that its 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 battery energy storage projects in Texas, totaling 160 megawatts (MW) / 320 megawatt-hours (MWh). BankUnited N.A. and Siemens Financial Services participated as Joint Lead Arrangers in the financing.

Based in Austin, Texas and Chicago, Illinois, Jupiter Power is a leader in energy storage infrastructure with 655MWh of operating projects, 740MWh 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,” 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.”

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