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.
“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,” said Jesse Campbell, Chief Financial Officer of Jupiter Power. “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.”
“Barclays is excited for the opportunity to continue working with Jupiter Power,” said James Edmonds, Global Head of Sustainable Project Finance at Barclays. “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.”
“HSBC is proud to continue supporting Jupiter Power through our latest financing to further expand their clean energy construction portfolio in the United States,” said Paul Snow, Head of Renewables, Americas at HSBC. “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.
About Jupiter Power
Jupiter Power is a leading energy storage infrastructure platform with extensive capabilities in trading, analytics, development, finance, operations and construction. The company is developing approximately 12,000 MW of utility-scale energy storage projects from California to Maine. Jupiter Power is headquartered in Austin, Texas, with offices in Houston and Chicago. For more information on Jupiter Power LLC, please visit our X, LinkedIn or Facebook pages or visit www.jupiterpower.io.
About Barclays
Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities. For further information about Barclays, please visit our website home.barclays.
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,017bn at 31 December 2024, HSBC is one of the world’s largest banking and financial services organisations.
SOURCE Jupiter Power