Aypa Power, a Blackstone portfolio company and utility-scale energy storage and hybrid renewable energy projects developer, closed a $1.5 billion construction warehouse revolving credit facility, with an additional $0.5 billion accordion feature.
The warehouse financing will serve as the company’s principal funding source for advancing utility-scale energy storage projects expected to reach commercial operation through 2028.
Canadian Imperial Bank of Commerce, New York Branch, and Wells Fargo acted as lead structuring agents, left lead arrangers, coordinating lead arrangers, and green loan coordinators on the transaction. Bank of America, Fédération des Caisses Desjardins du Québec, Industrial and Commercial Bank of China Limited, New York Branch, KeyBanc Capital Markets, National Bank of Canada, PNC Capital Markets, Standard Chartered Bank, U.S. Bank National Association, and Zions Bancorporation acted as Joint Lead Arrangers. Regions Bank acted as a Mandated Lead Arranger.
“CIBC is proud to have led the structuring and execution of this important construction warehouse facility, supporting continued growth in the utility-scale energy storage sector,” said Ines Serrao, Managing Director and Co-Head of US Project Finance & Infrastructure, Canadian Imperial Bank of Commerce. “The facility is structured to support a portfolio of construction-ready, utility-scale assets and highlights the strength of Aypa Power’s development discipline.”
Currently, Aypa Power has a stated development pipeline of more than 22 GW, with 30 projects either under construction or in operation.
The company closed multiple project financing deals in 2025, including a $535 million debt financing to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California, signed in May, and a $190 million financing facility for the 200 MW/400 MWh Bypass battery energy storage system project located in Fort Bend County, near Houston, Texas.
In addition, Aypa Power announced the upsizing of its corporate credit facility by $400 million, which the company originally closed in July 2024.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.
