Enlight Renewable Energy has agreed to acquire a majority stake in Project Jupiter, a co-located solar and battery storage project in Brandenburg, Germany, alongside Prime Capital. The project will combine up to 150 MWp of solar PV with around 2,000 MWh of battery storage, supporting grid flexibility and participation in Germany’s power markets.
Israel-based renewable energy developer and independent power producer (IPP), Enlight Renewable Energy, has signed an agreement to acquire a majority stake in Project Jupiter, a planned large-scale solar and battery storage project (BESS) in Germany, marking an expansion of its European energy storage portfolio.
The transaction has made in partnership with Germany-based alternative asset manager, Prime Capital AG, acting on behalf of its Prime Green Energy Infrastructure Fund II (PGEIF II). Under the agreement, Enlight is expected to hold between 51% and 60% of the shares in the project, while the PGEIF II will retain the remaining stake.
The project Jupiter is located in Brandenburg, Germany and is designed as co-located solar power generation and large scale battery energy storage system (BESS). Once completed, the project is expected to include up to 150 MWp of solar photovoltaic generation and around 2,000 MWh of battery energy storage capacity.
The project benefits from a secured grid connection of up to 500 MW, providing strong flexibility for both storage dispatch and solar integration. It is currently at an advanced development stage and is targeted to reach “Ready to Build” phase by 2026.
The total investment for Project Jupiter is expected to range between €470 million and €500 million (approximately USD 510 million to USD 545 million). Average annual revenues during the first five years of operation are projected at approximately €85 million to €90 million, with estimated EBITDA in the range of €70 million to €80 million. The project is designed to participate in Germany’s power and flexibility markets, supporting grid stability and energy balancing requirements.
The transaction builds on long-standing relationship between Enlight and Prime Capital that began in 2019. Their previous collaboration includes a joint investment in the 372 MW Björnberget wind farm in Sweden through Prime Green Energy Infrastructure Fund I. As part of the expanded partnership, Enlight has committed €50 million (approximately USD 54 million) to PGEIF II, a European energy infrastructure fund targeting a total size of around €1 billion, including co-investments.
Through this agreement, Enlight has also secured co-investment rights in additional European renewable and energy storage projects, primarily across Western and Northern Europe, with the option to hold majority positions in selected assets.
Adi Leviatan, CEO of Enlight Renewable Energy, said that the project Jupiter aligned with Enlight’s focus on energy storage in Europe, expanding its portfolio and presence in the German power market.
Dr. Mathias Bimberg, Head of Infrastructure at Prime Capital, said that the cooperation with Enlight on Project Jupiter has advanced a large-scale infrastructure investment supporting grid flexibility in Europe.