To raise 1 kg of water 1 degree C takes about 4 kJ of energy. Let's assume your jacket is 100% efficient (so all of the energy in the jacket is transferred to the milk). Let's say (to keep the math simple) that you need to raise the temp of the vat 50 degrees C. That means you need 200 kJ per kg. For 500 L, that's about 100,000 kJ. Let's say you want to raise the temp in about 30 minutes (half an hour), which means you need 200,000 kJ/h of heat. A kJ/h is very clost to a BTU/h. That will give you the absolute minimum rating you're going to need. I don't know how well the exchange will work or how big a reservoir you're going to need. All of the similar equipment I'm familiar with is steam jacketed (brewing equipment), so I'm not exactly sure...