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First Citizens Bank Provides $65.2MM to Jupiter Power for Standalone Battery Energy Storage Project Financing

December 20, 2023, 07:36 AM
Filed Under: Battery Storage

First Citizens Bank and Jupiter Power announced that First Citizens Bank's Energy Finance business and Jupiter Power have closed on $65.2 million in financing for construction of a 200-megawatt (MW) / 400 megawatt-hour (MWh) battery energy storage system in Houston, Texas.
Based in Austin, Texas, and Chicago, Illinois, Jupiter Power is a leader in energy storage infrastructure with 775 MWh of operating projects, 620 MWh in construction and more than 11,000 MW of new projects in development from Maine to California.

"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 centers where consumers need it the most," said Andrew Bowman, Chief Executive Officer of Jupiter. "We appreciate the commitment of First Citizens Energy Finance team to understand Jupiter Power's capabilities and deliver tailored financial solutions."

"Jupiter Power has a strong reputation across the industry for identifying strategic locations for battery storage systems," said Mike Lorusso, managing director and group head for First Citizens Energy Finance. "We were pleased to be selected to again lead a financing to support their battery energy storage systems."

In addition to this financing, First Citizens Energy Finance served as the 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.

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