Jupiter Power Secures $225 Million Corporate Credit Facility to Accelerate Energy Storage Growth

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Oct 31, 2024, 11:02 ET

AUSTIN, Texas, Oct. 31, 2024 /PRNewswire/ -- Jupiter Power LLC ("Jupiter Power"), a leading developer and operator of utility-scale battery energy storage systems, announced today the successful close of a $225 million corporate credit facility. The transaction strengthens Jupiter Power's ability to advance its expanding U.S. portfolio, which includes one of the nation's largest energy storage development pipelines, totaling over 12,000 MW.

The $225 million in total revolving credit facilities includes up to $175 million in letters of credit and $50 million in revolving loans. Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation led the transaction on the lender side, serving as Coordinating Lead Arrangers. Kirkland & Ellis acted as borrower's counsel and Latham & Watkins as lenders' counsel.

"Securing this corporate credit facility highlights the market's recognition of Jupiter Power as a leader in advancing large-scale energy storage solutions, as evidenced by our 2,575 MWh of battery energy storage systems already in operation or construction," said Jesse Campbell, Chief Financial Officer of Jupiter Power. "This funding enhances our ability to advance projects across our pipeline in markets where energy storage is needed most. We greatly appreciate the support of our banking partners in this transaction."

"HSBC is proud to support Jupiter Power with their credit facility as they continue to expand and accelerate the development of their energy storage projects across the United States," said Paul Snow, Head of Renewables, Americas at HSBC. "HSBC's inaugural facility with Jupiter Power not only reinforces our commitment to financing premier clean energy projects, but complements our ambition to deliver a net zero global economy."

"Energy storage facilities are critical to meet the need for demand flexibility, which is why Barclays is excited to work with Jupiter Power," said James Edmonds, Global Head of Sustainable Project Finance at Barclays. "Supporting the growth of this platform with strategic capital aligns with Barclays' goal of using our global reach, products, and expertise to help our clients finance their transition to a low-carbon business model."

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 Twitter, 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 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world's largest banking and financial services organisations.

SOURCE Jupiter Power