Jupiter Power Closes $1.4 Billion on 1,500 MW of Texas and Michigan Batteries
- Energy Storage News Utility-Scale BESS
Marin Holt
- 0
- 6 minutes read
- Financing closed: $1.4 billion
- Capacity financed: 1,500 MW / 3,600 MWh
- Largest tranche: $536 million
- Total since inception: $3 billion
- Portfolio: 5.6 GW / 19.7 GWh
Jupiter Power closed $1.4 billion in project financing for ten utility-scale battery plants in Texas and Michigan. The Austin developer announced the four transactions on September 16, 2026. The ten plants total 1,500 MW and 3,600 MWh of capacity. The deals closed between April and July 2026. They push the company’s total financing since inception past $3 billion.
Four transactions, four lender groups
July supplied the largest tranche at $536 million. HSBC Bank US and SMBC lent against Tidwell Prairie II, Bee Branch and Barton Branch, all in Texas. June brought a $281 million senior secured note issuance rated BBB-. AB CarVal and Nuveen bought the notes. Barclays and HSBC Securities placed them. That deal covered Tidwell Prairie I and St. Gall II in Texas, plus Tibbits in Michigan.
May added $294 million for Grand Basin and Voyager I in Michigan, with ING Capital and Societe Generale as lenders. April opened the run at $258 million for Callisto II and Pamela Heights I in Harris County, Texas. Societe Generale and MUFG served as coordinating lead arrangers on that first deal.
Michigan pulls the portfolio into MISO
Seven of the ten plants sit in Texas. The other three sit in Michigan. Grand Basin and Voyager I are in Saline Township, south of Ann Arbor. The Tibbits facility runs in Coldwater Township, southeast of Kalamazoo. Those three plants move Jupiter Power into MISO, away from the ERCOT market where it built its early fleet. Jupiter Power now holds 5.6 GW and 19.7 GWh operating, under construction or under contract. Its development pipeline exceeds 23 GW.
Why It Matters
Financing, not cells or permits, now decides which storage projects reach a construction start. Three of the four deals pair a construction term loan with a tax equity bridge loan. That structure advances cash against tax credits the project earns only after it runs. It ties the build schedule to credit-transfer rules that Congress keeps reopening. The June note issuance is the one to watch. A BBB- rating on merchant storage debt shows that ratings desks will grade this asset class as investment grade. That opens insurance and pension money to developers who until now leaned on bank syndicates. Storage buyers negotiating offtake in ERCOT and MISO should price that shift into the term sheet rather than read the headline total.
Critical Perspective
Four separate closings between April and July 2026 is not one vote of confidence. It is four lender groups each pricing a smaller slice. The $281 million note issuance is the only tranche that reached public debt markets, and it landed at BBB-, the bottom notch of investment grade. Jupiter Power also carries a development pipeline above 23 GW against 5.6 GW built or contracted, so the financed 1,500 MW covers a fraction of what the company intends to build. How much of that pipeline clears interconnection before the tax credit terms these bridge loans assume get rewritten?
