Jupiter Power closes $174.6M financing for 6 Texas battery storage projects

Jupiter Power LLC closed $174.6 million in portfolio debt financing for six standalone battery energy storage projects in the Electric Reliability Council Of Texas Inc. market.

KeyBank NA provided financing for the projects, Jupiter Power said April 19. Four of the six projects, including the 200-MWh Flower Valley II Battery Storage Project in Reeves County, are operating, while the remaining two 200-MWh projects are currently in commissioning.

"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," Jupiter Power CFO Bruce Thompson said in an April 19 news release.

Jupiter Power, which is backed by EnCap Investments LP, Yorktown Partners and Mercuria Energy, was advised by Norton Rose Fulbright & Husch Blackwell on the financing transaction for the term loan and LC facility with KeyBank.

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