Energy-focused private equity firm EnCap announced today the sale of utility-scale battery energy storage systems Jupiter Power to BlackRock Alternatives.
Founded in 2017, Jupiter Power operates the largest battery storage fleet in Texas comprising 655 MWh with an additional 340 MWh of new projects in or near construction. Its current project pipeline consists of over 11,000 MW from Maine to California, designed to meet the growing need for grid support and renewable energy.
Energy storage solutions are emerging as a key energy transition investment area. Storage forms one of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted.
Jupiter Power CEO Andy Bowman, 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.”
The deal follows the recent acquisition by BlackRock of Australian battery energy storage systems and renewable energy developer Akaysha Energy. BlackRock has been actively scaling its climate infrastructure capabilities recently, including the launch in June of a new “perpetual infrastructure strategy,” aimed at pursuing long-term investment opportunities in the megatrend themes of energy transition and energy security.