JUPITER POWER CLOSES $174.6 MILLION PORTFOLIO OF DEBT FINANCING ON SIX BATTERY ENERGY STORAGE PROJECTS IN TEXAS

0

AUSTIN, TX, April 19, 2022 /PRNewswire/ — 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 financing of six battery energy storage projects on the ERCOT market in Texas. The national association KeyBank (“KeyBank”) provided the financing. Jupiter is backed by EnCap Investments LP, Yorktown Partners and Mercuria Energy.

THE POWER OF JUPITER CLOSES $174.6 MILLION FUNDING OF THE PORTFOLIO IN SIX TEXAS BATTERY ENERGY STORAGE PROJECTS

The six projects included in the funding are all self-contained, front-of-meter battery energy storage systems and are supported by Jupiter’s optimization strategies to maximize revenue. Four of the battery energy storage projects are underway, including the recently announced Flower Valley II 200MWh project. The two remaining projects, each of 200 MWh, are currently being commissioned. With over 650 MWh, Jupiter has ERCOT’s first stand-alone energy storage portfolio. Jupiter’s Market Operations team uses the company’s unparalleled forecasting expertise, analytics and intellectual properties to optimize day-to-day and real-time revenue.

“When we began developing these projects in 2018, nothing like this had been built. Financing these complex assets provides third-party validation of Jupiter’s strategy. We greatly appreciate KeyBank’s support and trust as as we execute our growing pipeline of energy storage assets,” mentioned Bruce Thompsonfinancial director of Jupiterian power.

“This financing demonstrates that carefully sited and well-executed battery projects, managed by innovative trading and forecasting teams, have proven value and represent a huge opportunity for growth,” said Kellie MetcalfManaging Partner, EnCap Investments LP

“As part of our continued support for renewable energy, we are pleased to underwrite and act as lead arranger and provide capital for Jupiter’s stand-alone battery energy storage facilities,” said Aaron Klein, Managing Director, Utilities Power & Renewables at KeyBanc Capital Markets. “This is a first-of-its-kind funding, 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 the LC facility with KeyBank.

On Jupiterian powerLLC
Jupiter is a leading energy storage independent power producer with deep negotiation, analysis, development, financing, operation and construction capabilities, and unparalleled intellectual property in optimizing the distribution. Jupiter is backed by EnCap Investments LP, Yorktown Partners and Mercuria Energy, and has offices in Austin, TXand Chicago, Ill.. For more information on Jupiterian powerLLC, please visit our Twitter, LinkedInor Facebook pages or www.jupiterpower.io

About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading merchant and investment bank that provides capital markets and advisory solutions to dynamic companies taking advantage of opportunities in changing industries. Our deep industry expertise, broad capabilities and unique insights are seamlessly delivered to companies in the consumer and retail, diversified industries, healthcare, industrial, petroleum and gas, real estate, utilities, energy and renewables and technology. With more than 800 professionals on 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 NA Banking products and services, are offered by KeyBank NA

CONTACT:
Caitlin Smith
(512) 937-6574
[email protected]

Quote

Show original content:https://www.prnewswire.com/news-releases/jupiter-power-closes-174-6-million-portfolio-debt-financing-on-six-texas-battery-energy-storage-projects-301527715.html

THE SOURCE Jupiterian power



Source link

Share.

About Author

Comments are closed.