BlackRock, through a fund managed by its diversified infrastructure business, has bought Jupiter Power LLC, a U.S. operator and developer of battery energy storage systems, from EnCap Investments LP.
Jupiter focuses on data-driven approaches to energy storage projects designed to meet the demand for grid support and renewables integration driven by the energy transition. Jupiter has assembled a storage development pipeline totaling over 11,000 megawatts from California to Maine. Jupiter’s team of 70 professionals boasts over 25,000 megawatts of prior power generation project experience globally.
“Our team has special insight into the many useful things storage can do because of our deep prior experience with renewable energy projects, and we are proud to help lead the way now to the next generation of utility-scale energy storage systems,” states Andy Bowman, Jupiter Power CEO.
White and Case LLP served as legal advisor and Lazard as financial advisor to EnCap, and Simpson Thacher & Bartlett as BlackRock’s legal advisor.