BlackRock eyes 1-GWh battery portfolio with Jupiter Power acquisition

Nov 15, 2022 02:22 PM ET
  • United States development capital carrier EnCap Investments LP and also its co-investment companions are offering utility-scale battery storage space programmer as well as driver Jupiter Power LLC and its about 1-GWh portfolio of assets to a fund managed by BlackRock Alternatives.
BlackRock eyes 1-GWh battery portfolio with Jupiter Power acquisition
Image: Jupiter Power LLC.

The target will be gotten with BlackRock's Diversified Infrastructure organization, EnCap stated on Monday without offering financial details about the deal. Apart from EnCap, the vendors are Yorktown Partners and also Mercuria Energy.

Austin, Texas-based Jupiter was established in 2017 and also ever since has placed on stream 655 MWh of commercial battery energy storage systems in Texas, which it says is the largest battery storage fleet in its home state with proprietary dispatch optimisation. Presently, the platform has some 340 MWh of tasks under or nearing building and construction, in addition to a development pipe surpassing 11 GW.

"Procurement of Jupiter's uniquely capable energy storage space platform by BlackRock's Diversified Infrastructure service is another indication that energy storage space is maturing right into a crucial new player in the power business with a critical role to play," said Jupiter Power's CEO Andy Bowman.

For EnCap, the purchase will certainly mark the 2nd departure for its USD-1.2-billion (EUR 1.16 bn) EnCap Energy Transition Fund I.

The deal is subject to popular closing problems as well as results from be finalised late this year.

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