Jupiter Power LLC, a developer and operator of large-scale battery energy storage systems, has secured $286 million in financing to support the construction of two energy storage projects. These projects, located in Tibbits, Michigan, and Tidwell Prairie, Texas, will have a combined capacity of 300 MW/800 MWh. Commercial operations of the facilities are expected to begin by the end of 2025.
The financing includes construction loans, tax equity bridge loans, and a letter of credit facility. Barclays and HSBC served as the lead arrangers, while law firms Simpson Thatcher & Bartlett and Latham & Watkins represented the borrower and the lenders, respectively.
Structured financing to support growth
Jesse Campbell, Chief Financial Officer of Jupiter Power, emphasized that this financial support will enable the company to add these two projects to its operational portfolio, which will total nearly 2,200 MWh upon completion of all projects. “This financing builds on the $225 million credit facility completed last fall, further strengthening Jupiter Power’s position in the energy storage market,” he stated.
Projects supported by long-term agreements
The Tibbits project, which will be the first large-scale battery energy storage system operational in Michigan, is supported by a 20-year power purchase agreement (PPA) with Consumers Energy. The Tidwell Prairie project, meanwhile, is backed by a long-term tolling agreement with an undisclosed partner. Both projects are part of Jupiter Power’s strategy to expand its energy infrastructure portfolio in the United States in the context of a shift towards cleaner energy.
