Through a fund run by its Diversified Infrastructure division, BlackRock Alternatives has agreed to purchase US energy storage startup Jupiter Power.
Jupiter is being sold by EnCap Energy Transition Fund I (EETF I), along with co-investment partners Yorktown Partners and Mercuria Energy. The deal is anticipated to completion in late 2022.
Seventy experts who have worked on more than 25GW of power generating projects around the world, including some of the first utility-scale energy storage projects constructed in the US, make up Jupiter’s team.
From California to Maine, the developer’s pipeline contains more than 11,000MW in total.
The company now has 340MWh of brand-new projects under development or almost complete, including its first project in California. The company owns and runs a sizable storage portfolio in Texas totaling 655 megawatt hours (MWh).
A stand-alone storage portfolio debt financing of Jupiter’s operating portfolio was completed earlier in 2022, and the company also disclosed a partnership to secure 2,400MWh of battery energy storage systems with domestic content approval for its 2024–2025 projects.
Andy Bowman, Jupiter Power CEO, said “Acquisition of Jupiter’s uniquely capable energy storage platform by BlackRock’s Diversified Infrastructure business is another sign that energy storage is maturing into an important new player in the electricity business with a critical role to play.”
“Our team has special insight into the many useful things storage can do because of our deep prior experience with renewable energy projects, and we are proud to help lead the way now to the next generation of utility scale energy storage systems.”
