Jupiter Power achieves its first senior secured revolving loan. This $500 million combined upsized facility and letter of credit are the maximum amounts provided under the PABR law. This new financial package deepens the company’s previous, still provisional, facility from $225 million, which first moved investors to close in September 2024. The expansion of this facility positions Jupiter Power to enhance its development of battery energy storage systems (BESS) across the United States.
The loan will allow Jupiter Power to more aggressively pursue new utility-scale BESS projects across the country. The company announced it was moving on more than 12 gigawatts (GW) of projects. This positions them perfectly to take advantage of opportunities in energy storage, a crucial cornerstone of the transition to renewable energy sources. Their projects reach as far west as California and as far east as Maine. This is a testament to their impressive influence and dedication to rebuilding energy infrastructure across complex landscapes.
Jesse Campbell, a representative from Jupiter Power, discussed the critical need for this type of financing.
“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 increase of the financial facility speaks to the increasing confidence in Jupiter Power’s abilities and promise as a leader of the energy sector. HSBC’s Paul Snow contributed background on why this partnership is important.
“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 US.” – Paul Snow
Armed with this new funding, Jupiter Power is poised to turbocharge its projects. These new initiatives represent a critical and timely effort to address the global need for safer, more robust, and sustainable energy storage solutions. The entire country is taking exciting steps toward a greener future. Such initiatives like these are crucial for efficiently meeting energy needs while being accountable to communities.