Why FIC's Perfect Power Deal Buys Contracted ERCOT Cash Flow and 850 MW of Optionality

FIC Partners Management has acquired Perfect Power, the US company that owns and operates the Jaguar Energy Center in Texas. Enerdatics records SER Capital Partners as the seller and logs the transaction at 919.8 MW. Jaguar is a grid-connected platform combining battery storage and solar across roughly 4,500 acres inside ERCOT, with plans to reach up to 1.15 GW. Perfect Power was established in 2021 and its management team continues under the new owner. Terms were not disclosed. FIC co-managing partner Cay Freihofer described the target as a contracted, in-service asset paired with a growth pipeline, and that pairing is the whole structure of the deal.

What did FIC acquire from SER Capital Partners?

FIC acquired Perfect Power outright, and with it the Jaguar Energy Center. Enerdatics links four projects to the transaction: Jaguar 1 BESS and Jaguar 2 BESS at 150 MW each, both operational, a 300 MW Jaguar solar project in construction, and the 300 MW Axtell BESS at early stage. That is 300 MW of live battery capacity, 300 MW being built and 300 MW still to develop. Enerdatics estimates the combined investment across the four at roughly $850 million, comprising about $140 million for each operating battery at $0.93 million per MW, $330 million for the solar project at $1.1 million per MW, and $240 million for Axtell at $0.8 million per MW. The consideration was not disclosed. Enerdatics projects Axtell reaching commercial operation by April 2029, with construction financing secured by June 2027.

What does contracted and in-service mean for an ERCOT battery?

ERCOT is the Texas grid, and it is the most volatile major power market in the United States, with no capacity mechanism and prices that can move by orders of magnitude within a single day. A battery operating there merchant earns from that volatility but cannot forecast its revenue. Contracted means the opposite: the output or the capability is sold forward under an agreement, converting price exposure into a defined payment stream. In-service simply means the asset is already generating, so no construction or interconnection risk remains. The combination is what infrastructure capital is built to own, because it underwrites debt and produces distributions from day one. It is also rare in ERCOT, where most storage has been financed on the expectation of merchant upside rather than contracted certainty.

Why is FIC buying a platform rather than projects?

Because the operating batteries pay for the wait and the pipeline supplies the return. Buying Perfect Power delivers 300 MW of contracted, live storage generating cash immediately, and alongside it a development position of roughly 850 MW across solar and storage on land already assembled inside ERCOT. Enerdatics records this as FIC's first renewable energy transaction, and the firm has described Perfect Power as exactly the kind of opportunity it was created to pursue: mid-market critical infrastructure across energy, power, utilities and telecommunications. Retaining the management team matters as much as the assets, since Perfect Power has been developing at Jaguar since 2021 and the remaining pipeline depends on the same interconnection relationships and land control that produced the first 300 MW.

Enerdatics' data shows how unusual it is to buy a US battery platform at this stage of maturity. Only five corporate battery transactions have been recorded in North America since the start of 2024, and no buyer has completed more than one: Brookfield, Calibrant Energy, Manulife Financial and The Carlyle Group, alongside FIC. At 919.8 MW, FIC's is the second largest of the five by capacity. The contrast with the asset market is sharp, because Enerdatics has logged 83 standalone US battery transactions since the start of 2023, almost all of them development-stage projects trading on undisclosed terms. Buyers who want operating US storage with contracted revenue have very few routes to it, and acquiring the company that built it is the most direct one available.

What does the deal signal for US storage M&A?

The deal signals that the first generation of ERCOT storage is reaching the end of its private equity hold, and that infrastructure capital is the natural next owner. SER Capital Partners began investing in Texas battery projects in 2020, backing Perfect Power through development into operation, and Enerdatics records no prior disposal by the firm. Selling a platform with live assets, a project in construction and a further 300 MW at early stage is the textbook exit point: the development risk has been retired, the cash flow is proven, and the remaining pipeline still carries upside a buyer will pay for. Expect more of these platform sales as the 2020 and 2021 vintage of ERCOT storage developers reach the same maturity, and expect contracted revenue to be the feature that separates the ones that clear.

The build-out ahead is substantial. Jaguar is planned to reach up to 1.15 GW, meaning the 300 MW currently operating represents roughly a quarter of the intended platform, with Enerdatics estimating around $570 million of investment still required across the solar project and Axtell. That is a considerable commitment for a mid-market firm on its first renewables transaction, and it is why the contracted operating base matters so much. Cash flow from the live batteries funds the next phase without forcing FIC back to the market at every stage, which is precisely what a contracted in-service asset paired with a pipeline is supposed to do.

Key takeaways

• FIC Partners Management acquired Perfect Power, owner and operator of the Jaguar Energy Center in ERCOT, Texas. Enerdatics records SER Capital Partners as the seller and logs the transaction at 919.8 MW. Terms were not disclosed.
• Enerdatics links four projects to the deal: Jaguar 1 and Jaguar 2 BESS at 150 MW each and both operational, a 300 MW solar project in construction, and the 300 MW Axtell BESS at early stage.
• Enerdatics estimates roughly $850 million of combined investment across the four projects, including about $140 million per operating battery at $0.93 million per MW.
• Jaguar is planned to reach up to 1.15 GW across roughly 4,500 acres, so the 300 MW currently operating is about a quarter of the intended platform.
• Enerdatics data shows only five corporate battery transactions recorded in North America since 2024, with no buyer completing more than one, making operating US storage platforms scarce acquisition targets.

Frequently asked questions

How much did FIC pay for Perfect Power?The consideration was not disclosed. Enerdatics estimates the combined investment across the four linked projects at roughly $850 million, including about $140 million for each of the two operating 150 MW batteries, equivalent to $0.93 million per MW, though that is a build-cost estimate rather than a transaction price.

What is the Jaguar Energy Center?The Jaguar Energy Center is a grid-connected platform in Texas combining battery storage and solar across roughly 4,500 acres within ERCOT, planned to reach up to 1.15 GW. Enerdatics records 300 MW of operational battery capacity there today, across Jaguar 1 BESS and Jaguar 2 BESS, alongside a 300 MW solar project in construction.

Who is Perfect Power?Perfect Power is a US power platform established in 2021, previously backed by SER Capital Partners, which owns and operates the Jaguar Energy Center. Its management team, led by chief executive Tony Maselli, continues under FIC ownership and works with local developers and asset owners to redevelop and optimise energy assets.

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