Jupiter Power, a developer and operator of utility-scale battery energy storage systems (BESS), has closed a $500 million senior secured green revolving loan and letter of credit facility, upsizing the company’s existing $225 million facility originally closed in September 2024. The facility provides flexible capital available for borrowings or the issuance of letters of credit to support the rapid advancement of Jupiter’s project pipeline across the United States.
Barclays Bank, HSBC Bank USA, ING Capital, Societe Generale and SMBC acted as coordinating lead arrangers. HSBC Bank USA, also served as administrative agent and collateral agent. Kirkland & Ellis acted as borrower’s counsel and Latham & Watkins as lenders’ counsel.
“This upsizing represents another big step in Jupiter Power’s growth and underscores the confidence our banking partners have in our ability to continue delivering high-quality BESS projects with long-term contracted cash flows,” Jesse Campbell, the company’s chief financial officer, said. “This additional liquidity launches us into our post-OBBBA growth phase, supporting not just the major new domestic BESS procurement recently closed but also numerous projects proceeding into construction and major advancement of our development pipeline.”
Paul Snow, head of renewables, Americas at HSBC Infrastructure Finance, said, “HSBC is proud to support Jupiter Power’s continued growth, as this expanded facility reflects both the strength of their platform and our shared commitment to scaling critical energy storage infrastructure and support energy security across the United States.”
Paul Jun, group head, power and new energies, North America at SMBC, said, “Energy storage is a critical component of the continued enhancement of grid infrastructure, and Jupiter Power has demonstrated their leadership in this sector. We are proud to partner with the company as they accelerate their build-out.”
