Aypa Power, a Blackstone portfolio company and developer of utility-scale energy storage and hybrid renewable energy projects, announced the closing of $535 million in debt financing to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California.
Santander Corporate & Investment Banking served as Coordinating Lead Arranger, Mandated Lead Arranger, Green Loan Coordinator, Lender, and LC Issuer. U.S. Bank National Association (through its U.S. Bancorp Impact Finance subsidiary) and Zions Bancorporation, N.A. acted as Mandated Lead Arrangers and Lenders. Siemens Financial Services and Associated Bank, N.A. acted as Managing Agents and Lenders.
The hybrid project, scheduled to come online in 2026, has a long-term power purchase agreement with the San Diego Community Power. According to the company, it is expected to generate over $13.5 million in local economic benefits and create up to 260 construction jobs in San Bernardino County.
The project comprises 160 MW of solar coupled with a 160 MW/640 MWh battery energy storage system. Once operational, the project will provide clean electricity across California, bolstering the state’s grid reliability and supporting its goal of achieving 100% carbon-free electricity by 2045.
“Closing this large financing for the Vidal project reflects the strong confidence top-tier lenders have in Aypa Power’s ability to deliver grid-scale assets that generate compelling, long-term returns,” said Marc Atlas, Chief Financial Officer at Aypa Power. “We appreciate the trust of our lender group as we scale investments to meet California’s growing grid reliability needs.”
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Last week, DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial closure of the 150 MWac Heartwood solar project in Hillsdale County and the 140 MWac White Tail solar project in Washtenaw County, Michigan.
