Jupiter Power has closed $1.4 billion of project financing across four separate transactions, funding a portfolio of 10 utility-scale battery energy storage systems totaling 1,500 MW / 3,600 MWh across Texas and Michigan, the BlackRock-backed developer said on September 16. The package covers both new construction and refinancing of assets already operating in ERCOT and MISO markets.
Four Facilities From Eight Banks
The package is anchored by a $536 million construction facility from HSBC Bank USA and Sumitomo Mitsui Banking Corporation (SMBC), a $281 million private note issuance placed by Barclays and HSBC Securities with AB CarVal and Nuveen, a $294 million facility from ING Capital and Societe Generale, and a $258 million facility from Societe Generale and MUFG. Jupiter Power said the mix of construction, term, and note structures reflects a maturing market for standalone battery storage as an infrastructure asset class.
"These financings reflect strong capital market relationships and execution capabilities," said Jesse Campbell, Jupiter Power's chief financial officer. Paul Jun of SMBC added that the syndicate was "pleased to partner on a construction facility bringing three projects online," while ING Capital's Scott Hancock said the deal underlines Jupiter's push into MISO after building out a Texas-heavy fleet.
Scaling Behind Data-Center Demand
Jupiter Power now operates or has under contract 5.6 GW / 19.7 GWh of storage, with more than 23 GW under development. The company builds and dispatches four-hour battery systems that arbitrage energy prices, sell capacity and ancillary services, and increasingly firm renewable generation for AI data-center loads. The MISO expansion tracks a broader shift by hyperscalers to sign long-duration storage and clean-power contracts across the U.S. Midwest, echoing recent deals like RWE's 433 MW Texas wind VPPA with Oracle and NeoVolta's $53M BESS reservation for a northern Ontario AI data center.
What Comes Next
Jupiter Power said proceeds will fund construction of new projects already in permitting and interconnection queues, along with refinancing existing assets like the Calisto project in Texas. The company continues to bet on standalone storage — versus co-located solar-plus-storage models such as BYD's newly unveiled 62 MWh GC Block — as the vehicle to monetize the widening gap between AI-driven peak demand and intermittent renewable supply.
Reporting based on coverage from Jupiter Power, Energy-Storage.News and Morningstar.