Jupiter Power Secures $1.4 Billion in Project Financing for Ten Utility-Scale Battery Energy Storage Projects

AUSTIN, Texas, Sept. 16, 2026 /PRNewswire/ -- Jupiter Power LLC ("Jupiter Power") today announced the closing of $1.4 billion in financing across four separate transactions, supporting ten utility-scale battery energy storage system (BESS) projects in Texas and Michigan totaling 1,500 MW / 3,600 MWh of capacity.

The transactions include senior secured project debt, tax equity bridge loans, and an investment-grade U.S. private placement, reflecting continued strong institutional appetite for Jupiter's differentiated energy storage platform. Closing between April and July 2026, the transactions bring total financings since the company's inception to more than $3 billion.

Jupiter Power, a pioneering stand-alone battery energy storage company since 2017, is one of the oldest, largest and fastest growing in the country. The company currently has 5.6 GW / 19.7 GWh of projects operating, in construction or under contract -- and an additional 23 GW of projects in development across all major U.S. power markets.

"These financings are collectively a testament to the depth and diversity of our capital markets relationships and our execution capabilities," said Jesse Campbell, Jupiter Power's Chief Financial Officer. "With strong, steady growth and a deep project pipeline, Jupiter is building one of the most robust energy storage platforms in the country."

In July, Jupiter Power closed its single largest project financing to date: a $536 million senior secured facility consisting of a Construction Term Loan, Tax Equity Bridge Loan and Letter of Credit Facilities. This will finance the construction of three other Texas projects, Tidwell Prairie II, Bee Branch and Barton Branch. HSBC Bank US, N.A. and SMBC served as lenders.

"HSBC is pleased to support Jupiter Power's growth, including as a lender on its recent project financing and as a placement agent on its inaugural private placement," said Paul Snow, Head of Renewables, Americas at HSBC. "We value our ongoing relationship, and the role energy storage can play in supporting grid resilience."

"This financing underscores SMBC's commitment to supporting the buildout of grid-scale battery storage in the U.S., and we're pleased to partner with Jupiter Power on a construction facility that will bring three more projects online," said Paul Jun, SMBC Head of Power & New Energies Project Finance for North America.

In June, Jupiter Power closed a $281 million senior secured note issuance and Letter of Credit Facility under a U.S. private placement, rated BBB- by Kroll Bond Rating Agency (KBRA), collateralized by three operational BESS projects: Tidwell Prairie I and St. Gall II in Texas, and Tibbits in Michigan. AB CarVal and Nuveen served as note purchasers, with Barclays and HSBC Securities INC acting as placement agents.

In May, Jupiter Power closed a $294 million financing package consisting of a Construction Term Loan, Tax Equity Bridge Loan, and Letter of Credit Facilities, to support the construction of Grand Basin and Voyager I, a two-project BESS portfolio in Michigan, interconnected within the MISO market. ING Capital and Societe Generale served as lenders.

"ING Capital is glad to back Jupiter Power's expansion into the MISO market, financing two new Michigan projects that reflect the growing geographic diversity of the battery storage sector," said Scott Hancock, Managing Director, Renewables & Power, Americas, ING Capital.

Jupiter Power also closed a $258 million senior secured facility consisting of a Construction Term Loan, Tax Equity Bridge Loan, and Letter of Credit Facilities in April to finance the development and construction of Callisto II and Pamela Heights I, two Texas projects located in Harris County. Societe Generale and MUFG served as Coordinating Lead Arrangers.

"Societe Generale has now financed two of Jupiter Power's project portfolios this year alone, and we look forward to continuing to grow alongside one of the sector's most active developers," said Kevin Cartoski, Director, Energy+ Group, Societe Generale Americas.

"MUFG is proud to support Jupiter Power on its important financings," said Clark Miller, Managing Director, North America Power Project Finance. "Jupiter shares our commitment to meeting the growing power need in the U.S. As the power sector continues to evolve, MUFG is dedicated to helping clients find the unique capital solutions that work best for them."

About Jupiter Power

Jupiter Power is a premier energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. The company is developing more than 23,000 MW of projects from California to Maine, and has offices in Austin and Houston, Texas, and Chicago, Illinois. For more information on Jupiter Power LLC, please visit www.jupiterpower.io.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexible response to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.

About ING Capital LLC

ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV, a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S. 

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,234bn at 30 September 2025, HSBC is one of the world's largest banking and financial services organisations.

About SMBC Group

Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, and securities. The Group has more than 150 offices and 120,000 employees in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan.

SOURCE Jupiter Power