Jupiter Power Secures $286 Million Construction Financing to Advance Two Utility-Scale Battery Energy Storage Projects
AUSTIN, Texas, March 18, 2025 /PRNewswire/ — Jupiter Power LLC (“Jupiter Power”), a leading developer and operator of utility-scale battery energy storage systems, has successfully closed $286 million in project financing to support the construction of two standalone battery energy storage systems (BESS) — Tibbits in Michigan, and Tidwell Prairie in Texas. The two projects, totaling 300 MW/800 MWh, are expected to commence commercial operations later this year.
The $286 million credit facilities consist of construction loans, tax equity bridge loans and a letter of credit facility. Barclays Bank PLC and HSBC Bank USA served as Coordinating Lead Arrangers on the deal, with Simpson Thatcher & Bartlett acting as borrower’s counsel and Latham & Watkins as lenders’ counsel.
Jesse Campbell, Chief Financial Officer of Jupiter Power, said:
This financing enables Jupiter Power to add these two pivotal new projects to our operational fleet, which will total nearly 2,200 MWh upon their completion,
“Building on the momentum of our successful $225 million corporate credit facility completed last fall, Jupiter Power was proud to partner with HSBC and Barclays on another significant financing transaction.”
James Edmonds, Global Head of Sustainable Project Finance at Barclays, said:
Barclays is excited for the opportunity to continue working with Jupiter Power,
“We are committed to powering long-term growth for clients and their projects – such as Jupiter Power’s battery energy storage systems in Michigan and Texas – through our bespoke advice, financing and risk management solutions.”
Paul Snow, Head of Renewables, Americas at HSBC, said:
HSBC is proud to continue supporting Jupiter Power through our latest financing to further expand their clean energy construction portfolio in the United States,
“Our ongoing relationship with Jupiter is a testament to our commitment to financing premiere clean energy projects, and HSBC’s ambition to help move the world towards a resilient, net-zero economy.”
In 2024, Jupiter Power entered a 20-year power purchase agreement with Consumers Energy for its Tibbits project, which is on track to be the first operational utility-scale battery energy storage system in Michigan. The Tidwell Prairie project is under a long-term tolling agreement with an undisclosed counterparty.
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Jupiter Power Secures $286 Million Construction Financing to Advance Two Utility-Scale Battery Energy Storage Projects, source
