Enlight Renewable Energy has announced a major step in expanding its energy storage presence in Europe through a new investment in Project Jupiter, a large-scale solar and energy storage project planned in Germany. The company has signed an agreement to acquire a majority stake in the project in partnership with Prime Capital AG, a Germany-based alternative asset manager, acting on behalf of its Prime Green Energy Infrastructure Fund II.
Under the agreement, Enlight is expected to hold between 51 percent and 60 percent of the shares in Project Jupiter, while PGEIF II will retain the remaining stake. The project is located in Brandenburg, Germany, and is designed as a co-located renewable energy asset, combining both solar power generation and large-scale energy storage. Once completed, the project is expected to include up to 150 megawatt-peak of solar capacity and around 2,000 megawatt-hours of energy storage capacity.
Project Jupiter benefits from a secured grid connection of up to 500 megawatts, providing strong flexibility for both solar generation and battery storage operations. The project is currently at an advanced stage of development and is targeted to reach the “Ready to Build” phase by the end of 2026. The total investment required for the project is estimated to be between €470 million and €500 million. During its first five years of operation, the project is expected to generate average annual revenues of approximately €85 million to €90 million, with EBITDA estimated in the range of €70 million to €80 million.
The transaction builds on a long-standing relationship between Enlight and Prime Capital that began in 2019. Their previous collaboration includes a joint investment in the 372 megawatt Björnberget wind farm in Sweden through Prime Green Energy Infrastructure Fund I. As part of the expanded partnership, Enlight has also committed €50 million to PGEIF II, which targets a total fund size of around €1 billion, including co-investments.
This commitment provides Enlight with substantial co-investment rights in additional renewable energy projects across Western and Northern Europe, including the option to hold majority stakes in selected projects. According to Enlight, this arrangement supports its broader strategy of scaling up energy storage assets and strengthening its position in key European markets.
Commenting on the deal, Enlight’s CEO Adi Leviatan said the investment reflects the company’s strategic focus on energy storage in Europe and strengthens its diversified portfolio, particularly in Germany, which he described as one of Europe’s most attractive renewable energy markets. Prime Capital’s Head of Infrastructure, Dr. Mathias Bimberg, said the partnership on Project Jupiter represents a significant milestone in building a resilient and sustainable energy system and advancing Europe’s energy transition.
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