NEW
YORK and AUSTIN,
Texas, Dec. 19, 2023 /PRNewswire/ -- First
Citizens Bank and Jupiter Power LLC ("Jupiter Power") today 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.
First Citizens Energy Finance leverages its deep industry
knowledge and expertise to offer comprehensive financing solutions
for renewable and conventional power generation. The unit manages a
large, diverse portfolio that includes investments in all asset
classes across the energy sector.
About Jupiter
Power
Jupiter is a leading energy storage
infrastructure platform with deep trading, analytics, development,
finance, operations, and construction capabilities and unparalleled
intellectual property in dispatch optimization. The company is
developing more than 11,000 MW of projects from California to Maine, and has offices in Austin and Houston,
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 First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
Ella
Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com
Caitlin Smith
(512) 937-6574
Media@jupiterpower.io
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SOURCE First Citizens Bank