Austin Battery Storage Company Obtains Construction Loan

Austin-based energy storage company Jupiter Power LLC has locked in a $70.4 million construction and term loan financing deal for two standalone battery energy storage projects in Texas. The company did not disclose the location of the two facilities.

The Austin Business Journal reports the projects are expected to have capacity totaling 160 megawatts/320 megawatt-hours. That adds to the company’s 655 megawatt-hours of operating projects already completed, along with 740 megawatt-hours in construction and more than 11,000 megawatts of new projects in development nationwide. First Citizens Bank, BankUnited NA and Siemens Financial Services were joint lead arrangers.

The Texas power system known as ERCOT, has experienced reliability issues. “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,” stated Jupiter’s Andy Bowman.

Jupiter was founded in 2017 and last year was acquired by BlackRock Alternatives.