AUSTIN, Texas – March 18, 2025 /PRNewswire/ – Jupiter Power LLC (“Jupiter Power”), a leading developer and operator of utility-scale battery energy storage systems (BESS), today announced the successful closing of $286 million in project financing to support the construction of two strategically important standalone BESS facilities: Tibbits in Michigan and Tidwell Prairie in Texas. The two projects, collectively representing 300 MW/800 MWh of energy storage capacity, are poised to significantly contribute to grid stability and the integration of renewable energy sources.
This substantial financing package underscores Jupiter Power’s continued growth and commitment to accelerating the clean energy transition. The credit facilities consist of a combination of construction loans, tax equity bridge loans, and a letter of credit facility, demonstrating the confidence of leading financial institutions in Jupiter Power’s business model and project execution capabilities.
Barclays Bank PLC and HSBC Bank USA served as Coordinating Lead Arrangers for the transaction, leveraging their expertise in sustainable project finance to structure a tailored financing solution. Simpson Thatcher & Bartlett acted as borrower’s counsel, providing legal guidance to Jupiter Power, while Latham & Watkins served as lenders’ counsel, ensuring the interests of the financial institutions were protected.
“This financing is a pivotal moment for Jupiter Power,” said Jesse Campbell, Chief Financial Officer of Jupiter Power. “It enables us to add these two significant 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, we are proud to partner with HSBC and Barclays on another significant financing transaction. This demonstrates our ability to consistently attract capital and deliver on our ambitious growth plans.”
The Tibbits project in Michigan is particularly noteworthy, having secured a 20-year power purchase agreement (PPA) with Consumers Energy. This long-term agreement provides revenue certainty and reinforces the project’s value proposition. The Tibbits facility is on track to be the first operational utility-scale battery energy storage system in Michigan, marking a significant milestone for the state’s clean energy infrastructure.
The Tidwell Prairie project in Texas is operating under a long-term tolling agreement with an undisclosed counterparty. This agreement provides a framework for the project’s operation and revenue generation, further de-risking the investment.
James Edmonds, Global Head of Sustainable Project Finance at Barclays, commented on the transaction: “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. This project aligns perfectly with our commitment to supporting the transition to a low-carbon economy.”
Paul Snow, Head of Renewables, Americas at HSBC, added: “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.”
Jupiter Power’s commitment extends beyond project development; the company actively participates in shaping the future of energy storage through industry collaboration and advocacy. The company’s projects contribute to grid resilience, reduce reliance on fossil fuels, and create high-quality jobs in the renewable energy sector.
The successful closing of this financing underscores Jupiter Power’s position as a leader in the rapidly growing battery energy storage market. The company’s robust pipeline of projects and strong financial backing position it for continued success in the years to come. Jupiter Power remains dedicated to delivering innovative energy storage solutions that contribute to a cleaner, more sustainable future.
About Jupiter Power
Jupiter Power is a leading developer and operator of utility-scale battery energy storage systems. The company is committed to providing innovative energy storage solutions that enhance grid resilience, integrate renewable energy, and contribute to a cleaner, more sustainable future.
