Jupiter Power has closed a USD 500 million senior secured green revolving credit and letter of credit facility, upsizing its prior USD 225 million corporate financing. The facility enhances balance sheet liquidity and provides flexible capital to advance utility-scale battery storage projects across US power markets, supporting construction, interconnection, procurement, and portfolio-wide expansion.
Texas-based Utility-scale BESS developer, Jupiter Power has closed a USD 500 million senior secured green revolving loan and letter of credit facility, upsizing its USD 225 million corporate facility completed in September 2024. The expanded facility has been structured to provide flexible corporate-level capital through borrowings or letters of credit. The financing has supported advancement of Jupiter Power’s battery energy storage system portfolio across the United States.
The facility was arranged by a syndicate of international financial institutions, with Barclays Bank PLC, HSBC Bank USA, ING Capital LLC, Societe Generale, and SMBC acting as Coordinating Lead Arrangers. HSBC Bank USA also serves as Administrative Agent and Collateral Agent. Legal advisory support was provided by Kirkland & Ellis on behalf of Jupiter Power and Latham & Watkins on behalf of the lending group.
The facility is structured to support Jupiter Power’s expanding utility-scale BESS portfolio across US power markets. The facility can cover interconnection obligations, equipment procurement, construction-stage guarantees, and projects with long-term contracted revenue arrangements.
Jupiter Power currently has nearly 8,000 MWh of battery storage capacity that is operating, under construction, or under contract. In parallel, the company maintains a development pipeline exceeding 12 GW nationwide, spanning multiple regional transmission organizations and independent system operator markets. The facility is positioned to support projects as they move from late-stage development into construction, as well as to provide liquidity for assets transitioning toward commercial operations.
The transaction followed increased activity in US utility-scale battery storage procurement linked to grid congestion, renewable integration needs, and evolving capacity and ancillary service market structures. Corporate revolving facilities have increasingly been used by storage developers and operators to complement project-level financing as portfolios scale across multiple sites and market regimes.
The upsized credit facility has increased Jupiter Power’s balance sheet liquidity, supporting near-term construction activity and longer-term project pipeline progression. The transaction reflects ongoing lender participation in energy storage–focused platforms within US power markets.
Jesse Campbell, CFO of Jupiter Power, said the upsizing marked continued growth, reflected lender confidence, and provided liquidity to advance contracted BESS projects and construction-stage assets.
Paul Snow, Head of Renewables, Americas at HSBC Infrastructure Finance, said the expanded facility supported Jupiter Power’s growth and the scaling of energy storage infrastructure in the United States.
Paul Jun, Group Head, Power & New Energies North America at SMBC, said Jupiter Power had demonstrated leadership in energy storage and was advancing its grid-scale project build-out.