AUSTIN – Jupiter Power LLC (“Jupiter”), a leading developer and operator of utility-scale, battery energy storage systems, today announced the closing of a $174.6 million portfolio debt financing for six battery energy storage projects in the ERCOT market in Texas. KeyBank National Association(“KeyBank”) provided the financing. Jupiter is backed by EnCap Investments L.P., Yorktown Partners, and Mercuria Energy.
The six projects included in the financing are all stand-alone, front-of-meter battery energy storage systems and are supported by Jupiter’s optimization strategies to maximize revenues. Four of the battery energy storage projects are operating, including the recently announced Flower Valley II 200MWh project. The remaining two projects, each 200MWh, are currently in commissioning. At over 650MWh, Jupiter has the leading stand-alone energy storage portfolio in ERCOT. Jupiter’s market operations team uses the company’s unparalleled forecasting expertise, analytics, and intellectual properties to optimize day ahead and real-time revenues.
“When we started developing these projects in 2018, nothing like them had been built. The financing of these complex assets provides third-party validation of Jupiter’s strategy. We greatly appreciate KeyBank’s support and trust as we execute on our growing pipeline of energy storage assets,” said Bruce Thompson, Chief Financial Officer of Jupiter Power.
“This financing demonstrates that carefully sited, well executed battery projects managed by innovative trading and forecasting teams have recognized value and represent an enormous opportunity for growth,” said Kellie Metcalf, Managing Partner, EnCap Investments L.P.
“As a part of our continuing support for renewable energy, we are pleased to underwrite and serve as Lead Arranger and to provide capital for Jupiter’s stand-alone battery energy storage facilities” said Aaron Klein, Managing Director, Utilities Power & Renewables at KeyBanc Capital Markets. “This represents a first of its kind financing, and we look forward to continuing the relationship with Jupiter to deploy new technologies and energy solutions.”
Jupiter was advised by Norton Rose Fulbright & Husch Blackwell on this financing transaction for the Term Loan and LC Facility with KeyBank.
About Jupiter Power, LLC
Jupiter is a leading energy storage independent power producer with deep trading, analytics, development, finance, operations, and construction capabilities, and unparalleled intellectual property in dispatch optimization. Jupiter is backed by EnCap Investments L.P., Yorktown Partners, and Mercuria Energy, and has offices in Austin, Texas, and Chicago, Illinois. For more information on Jupiter Power LLC, please visit our Twitter, LinkedIn, or Facebook pages or visit www.jupiterpower.io
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $40 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 700 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.