Jupiter Power has secured $286 million in project financing to support the construction of two standalone battery energy storage systems (BESS). These projects are Tibbits in Michigan and Tidwell Prairie in Texas. The projects have a combined capacity of 300 MW/800 MWh and are expected to begin commercial operations later in 2025.
Furthermore, this financing consists of construction loans, tax equity bridge loans, and a letter of credit facility. Barclays Bank PLC and HSBC Bank USA acted as coordinating lead arrangers, while Simpson Thatcher & Bartlett served as borrower’s counsel. Additionally, Latham & Watkins acted as lenders’ counsel for the projects.
Jupiter Power is a Texas-based energy storage company. It is backed by BlackRock’s Diversified Infrastructure business. They build, own, operate, and trade products from their portfolio of energy storage assets. Their fleet of assets in operation or construction exceeds 11,000 MW.
