## Jupiter Power Secures $225 Million Credit Facility to Fuel Energy Storage Growth
AUSTIN, Texas (October 31, 2024)
– Jupiter Power LLC, a leading developer and operator of utility-scale battery energy storage systems, today announced the successful closing of a $225 million corporate credit facility. This major financial boost will enable Jupiter Power to significantly advance its already impressive energy storage portfolio across the United States, which includes one of the nation’s largest development pipelines, totaling over 12,000 MW.The $225 million in total revolving credit facilities is comprised of up to $175 million in letters of credit and $50 million in revolving loans. This substantial financing was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation, who served as Coordinating Lead Arrangers. Kirkland & Ellis acted as borrower’s counsel and Latham & Watkins as lenders’ counsel.
Fueling the Future of Energy Storage
“Securing this corporate credit facility highlights the market’s recognition of Jupiter Power as a leader in advancing large-scale energy storage solutions,” said Jesse Campbell, Chief Financial Officer of Jupiter Power. “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.”
“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,” said Paul Snow, Head of Renewables, Americas at HSBC. “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.”
“Energy storage facilities are critical to meet the need for demand flexibility, which is why Barclays is excited to work with Jupiter Power,” said James Edmonds, Global Head of Sustainable Project Finance at Barclays. “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.”
About Jupiter Power
Jupiter Power is a leading energy storage infrastructure platform with extensive capabilities in trading, analytics, development, finance, operations, and construction. The company is developing approximately 12,000 MW of utility-scale energy storage projects spanning from California to Maine. Jupiter Power is headquartered in Austin, Texas, with offices in Houston and Chicago. For more information on Jupiter Power LLC, please visit their website at www.jupiterpower.io, or follow them on Twitter, LinkedIn, or Facebook.
About Barclays
Barclays is a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. They are committed to using their global reach, products, and expertise to help clients finance their transition to a low-carbon business model. For more information, please visit home.barclays.
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organizations.
This investment marks a significant step forward for both Jupiter Power and the broader clean energy sector, highlighting the growing importance of energy storage in achieving a more sustainable and resilient energy future.
