Jupiter Power, a leading energy storage developer, has successfully secured a $500 million loan to further its ambitious battery energy storage system (BESS) expansion across the United States. This big-time capital infusion will enable the company to continue its work on complex utility-scale projects. As a result, it will supercharge its development pipeline, recently surpassing 12 gigawatts (GW) of capacity.
Those newly acquired funds will propel the winning projects—which range from California to Maine—forward. With this strategic funding, Jupiter Power is now uniquely placed to emerge as a national leader in the promising and expanding energy storage landscape. The increased senior secured revolving loan and letter of credit facility is a huge shot in the arm. It has grown from the initial $225 million facility that shuttered in September 2024.
Jesse Campbell, a vice president at Jupiter Power, sounded hopeful about the 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 new facility enables Jupiter Power’s recently accelerated development pipeline. More importantly, it underscores a burgeoning reality across the entire energy landscape – the increasing imperative for effective, reliable and efficient energy storage solutions. The company plans to use this financial support to meet the rising demand for clean energy infrastructure.
Paul Snow with HSBC, the financial institution backing the loan, stressed the importance of this collaborative effort that made the project possible.
“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
Jupiter Power is looking forward to a thrilling new stage of development. Whatever the case may be, their stated purpose is to increase energy security and make their countries greener. The company is focused on pursuing utility-scale BESS projects. This focus happens to be in lockstep with national aims towards more renewable energy and fighting climate change.