NEW YORK — July 17, 2023 — First Citizens Bank today announced that its Energy Finance group, part of the CIT division, served as the Coordinating Lead Arranger on a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas, totaling 160 megawatts (MW) / 320 megawatt-hours (MWh). BankUnited N.A. and Siemens Financial Services participated as Joint Lead Arrangers in the financing.
Based in Austin, Texas and Chicago, Illinois, Jupiter Power is a leader in energy storage infrastructure with 655MWh of operating projects, 740MWh in construction and more than 11,000 MW of new projects in development from Maine to California.
“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,” said Andy Bowman, CEO of Jupiter. “We appreciate the expertise of First Citizens’ Energy Finance team in working with us to arrange and close the financing for this Texas battery storage portfolio.”
“Jupiter Power has a growing reputation for excellence in battery energy storage system solutions,” said Mike Lorusso, managing director and group head for the Energy Finance team. “We were pleased to work with an industry leader in arranging financing for these two projects.”
First Citizens’ Energy Finance business, part of the bank’s CIT division, is widely recognized as a pioneer and leader in the financing of battery energy storage systems and renewable power projects. The business 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 11,000MW 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. 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.
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John M. Moran
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john.moran2@firstcitizens.com