Texas and Michigan Battery Push Helps Jupiter Power Cross $3 Billion in Total Project Financing

Jupiter Power LLC has now surpassed USD 3 billion in cumulative project financings since its founding in 2017, a milestone reached after the Austin-based company closed $1.4 billion across four separate transactions between April and July 2026.

The deals collectively fund ten utility-scale battery energy storage system projects spread across Texas and Michigan, representing a combined capacity of 1,500MW and 3,600MWh. Jesse Campbell, Jupiter Power's Chief Financial Officer, said the four transactions demonstrated the breadth of the company's capital markets relationships and its ability to execute complex deals. "With strong, steady growth and a deep project pipeline, Jupiter is building one of the most robust energy storage platforms in the country," Campbell said.

April Kickoff in Harris County

The first of the four transactions closed in April, when Jupiter Power locked in aUSD 258 million senior secured facility to finance the development and construction of two projects in Harris County, Texas: Callisto II and Pamela Heights I.

The package comprised a Construction Term Loan, Tax Equity Bridge Loan, and Letter of Credit Facilities, with Societe Generale and MUFG serving as Coordinating Lead Arrangers. Kevin Cartoski, Director of the Energy+ Group at Societe Generale Americas, noted that the bank had financed two of Jupiter Power's project portfolios within the same calendar year. Clark Miller, Managing Director of North America Power Project Finance at MUFG, said the financings reflected a broader commitment to helping clients navigate an evolving power sector.

Michigan Enters the Picture with a USD 294 Million MISO Deal

A month later, in May, Jupiter Power closed a USD 294 million construction financing package for Grand Basin and Voyager I, a two-project battery storage portfolio located in Michigan and interconnected within the MISO market.

The structure again combined a Construction Term Loan, Tax Equity Bridge Loan, and Letter of Credit Facilities. ING Capital and Societe Generale served as lenders on the transaction. Scott Hancock, Managing Director for Renewables and Power in the Americas at ING Capital, said the firm was pleased to support Jupiter Power's expansion into the MISO market and described the two Michigan projects as evidence of the growing geographic diversity of the battery storage sector.

Investment-Grade Notes Backed by Three Operating Projects

In June, Jupiter Power completed a USD 281 million senior secured note issuance and Letter of Credit Facility through a US private placement. Kroll Bond Rating Agency rated the notes BBB-, and they are collateralized by three projects already in operation: Tidwell Prairie I and St. Gall II in Texas, and Tibbits in Michigan. AB CarVal and Nuveen were the note purchasers, while Barclays and HSBC Securities Inc acted as placement agents. The investment-grade rating and the use of operational assets as collateral marked this transaction as structurally distinct from the construction financings that bookended it. Jupiter Power described all four deals as evidence of continued strong institutional appetite for its energy storage platform.

July Closes Out the Quartet with a USD 536 Million Facility

The largest of the four transactions closed in July, when Jupiter Power secured a USD 536 million senior secured facility to finance construction of three Texas projects: Tidwell Prairie II, Bee Branch, and Barton Branch. HSBC Bank US, N.A. and SMBC were the lenders, with the package encompassing a Construction Term Loan, Tax Equity Bridge Loan, and Letter of Credit Facilities. Paul Jun, SMBC's Head of Power and New Energies Project Finance for North America, said the financing underscored the bank's commitment to supporting the buildout of grid-scale battery storage in the United States.

Platform Scale and Development Pipeline

Jupiter Power was established in 2017 as a stand-alone battery energy storage company. It currently has 5.6GW and 19.7GWh of projects that are either operating, under construction, or under contract, and an additional 23GW of projects in development across all major US power markets.

The company maintains offices in Austin and Houston, Texas, and Chicago, Illinois. The financing structures across the four transactions span senior secured project debt, tax equity bridge loans, and an investment-grade US private placement, involving a range of institutional lenders and capital markets participants.

Earlier Deals and Regulatory Milestones

The September announcement followed a USD 500 million senior secured green revolving loan and letter of credit facility that Jupiter Power closed in January 2026 to support the advancement of its broader US project pipeline. On a separate regulatory front, Massachusetts state officials approved Jupiter Power's Trimount battery energy storage project in March.

The project, rated at 700MW and 2,800MWh, is sited at a former ExxonMobil oil depot in Everett, Middlesex County, as part of a broader redevelopment effort at that location. Trimount was among 1,268MW of battery storage resources selected through the Massachusetts Department of Energy Resources Section 83E Storage request for proposals in 2025. The Massachusetts DOER subsequently launched a new RFP targeting 1,000MW of energy storage in early August.