Barclays, HSBC and Sumitomo Lead $225MM Corporate Credit Facility for Jupiter Power

Jupiter Power, a developer and operator of utility-scale battery energy storage systems, closed a $225 million corporate credit facility. The transaction is designed to strengthen Jupiter Power’s ability to advance its expanding U.S. portfolio._x000D_
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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, 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._x000D_
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“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,” Jesse Campbell, chief financial officer of Jupiter Power, said. “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.”_x000D_
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“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,” Paul Snow, head of renewables, Americas at HSBC, said. “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.”_x000D_
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“Energy storage facilities are critical to meet the need for demand flexibility, which is why Barclays is excited to work with Jupiter Power,” James Edmonds, global head of sustainable project finance at Barclays, said. “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.”