Jupiter Power, a utility-scale energy storage project developer, secured a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans.
This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as Coordinating Lead Arrangers. Kirkland & Ellis acted as the borrower’s counsel, and Latham & Watkins as the lenders’ counsel.
The company plans to expand its U.S. energy storage portfolio with the funding. In 2023, the company secured a $70.4 million construction and term loan financing facility for two standalone battery energy storage projects in Texas.
“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. 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,” said Jesse Campbell, Chief Financial Officer of Jupiter Power.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, the announced debt and public market financing for Energy Storage companies in 9M 2024 came to $15 billion in 22 deals, a 125% increase year-over-year compared to $6.6 billion in 26 deals in 9M 2023. This growth reflects the increasing demand for energy storage solutions.
In April, Harmony Energy, a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.
