A fund managed by investment giant BlackRock has agreed to acquire Jupiter Power, a leading independent US operator and developer of standalone utility scale battery energy storage systems (BESS) that claims to have more than 11GW of projects under development.

Financial terms were not made public with the transaction expected to close later this year, according to sellers EnCap Energy Transition Fund I and co-investment partners Mercuria Energy and Yorktown Partners. EnCap Investments is based in Austin, Texas, Mercuria in Geneva, and Yorktown in New York.