Wedoany.com Report-Mar 20, Jupiter Power has secured $286m in project financing to fund the construction of two standalone utility-scale battery energy storage systems (BESS) in the US: Tibbits in Michigan and Tidwell Prairie in Texas.
The two projects have a combined capacity of 300MW/800 megawatt hours.
The two projects have a combined capacity of 300MW/800 megawatt hours (MWh) and will begin commercial operations in 2025.
The financing includes construction loans, tax equity bridge loans and a letter of credit facility.
Jupiter Power chief financial officer Jesse Campbell stated: “This financing enables Jupiter Power to add these two pivotal new projects to our operational fleet, which will total nearly 2,200MWh upon their completion.
“Building on the momentum of our successful $225m corporate credit facility completed last fall, Jupiter Power was proud to partner with HSBC and Barclays on another significant financing transaction.”
Barclays Bank and HSBC Bank USA acted as co-ordinating lead arrangers, with Simpson Thatcher & Bartlett serving as borrower’s counsel and Latham & Watkins as lenders’ counsel.
Barclays global head of sustainable project finance James Edmonds stated: “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.”
Jupiter Power signed a 20-year power purchase agreement with Consumers Energy in 2024 for the Tibbits project. The project is set to become Michigan’s first operational utility-scale BESS.
The Tidwell Prairie project is backed by a long-term tolling agreement with an unnamed counterparty.
In October 2024, Jupiter secured $225m in revolving credit facilities to expand its US energy storage development portfolio totalling 12GW. The loan includes $175m in letters of credit and $50m in revolving loans.
In August 2024, Jupiter Power began commercial operations for its 400MWh dispatchable power facility in Houston, Texas.
