November 17, 2022: US power storage operator and developer Jupiter Energy stated on November 15 that it has been acquired by a enterprise unit of world fund supervisor BlackRock for an undisclosed sum.
Jupiter’s house owners, personal fairness agency EnCap Investments, stated the sale by means of EnCap Power Transition Fund I (EETF I) with funding companions Yorktown Companions and Mercuria Power, ought to shut earlier than the top of 2022.
Jupiter, based in 2017, owns a 655MWh BESS fleet in Texas, has one other 340MWh of recent initiatives in or “close to” development – together with its first venture in California – and a pipeline of greater than 11,000MW of different initiatives it says is energetic. growth.
Earlier this 12 months, Jupiter closed a stand-alone storage portfolio debt financing of its working items and introduced a collaboration to amass 2,400MWh of battery storage techniques for initiatives scheduled for 2024-2025 .
EnCap was an early investor in Jupiter. The sale of BlackRock’s Diversified Infrastructure enterprise, a part of BlackRock Alternate options, is the second exit transaction of EnCap’s $1.2 billion EETF I.
Along with Jupiter, EETF I backs a wide range of renewable energy and battery storage corporations.
Jupiter CEO Andy Bowman stated: “The acquisition of Jupiter’s extremely succesful power storage platform is one other signal that power storage is maturing as a big new participant within the enterprise of electrical energy has an necessary position to play.”
BlackRock’s acquisition follows its announcement on August 16 that it’s injecting A$1 billion ($700 million) in capital to help the roll-out of 1GW of battery storage initiatives throughout Australia, as about its buy of Melbourne-based renewables developer Akaysha Power.
Picture: Jupiter’s Swooze I BESS venture in Texas