EnCap, a private equity firm specializing in energy, has announced the sale of Jupiter Power's utility-scale battery energy storage systems to BlackRock Alternatives.
Jupiter Power, founded in 2017, operates the largest battery storage fleet in Texas, totaling 655 MWh, with an additional 340 MWh of new projects under development or nearing completion. Its project pipeline consists of approximately 11,000 MW of renewable energy and grid support projects spanning from Maine to California.
Energy storage systems are developing as an important investment area for the energy transition. Given the intermittent nature of many renewable energy sources, such as wind and solar, and the requirement to supply round-the-clock energy demand while minimizing energy waste, storage is one of the most important building blocks for the fast-developing clean energy transition.
CEO of Jupiter Power, Andy Bowman, stated:
The acquisition of Jupiter's uniquely powerful energy storage platform by BlackRock's Diversified Infrastructure company is further evidence that energy storage is evolving into a critical new participant in the electricity industry.
This transaction follows BlackRock's recent acquisition of Australian energy storage systems and renewable energy firm Akaysha Energy. Recently, BlackRock has been aggressively expanding its climate infrastructure capabilities, including the announcement in June of a new "perpetual infrastructure strategy" designed to pursue long-term investment possibilities in the megatrend areas of energy transition and energy security.