Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, announced the upsizing of its corporate credit facility by $400 million, which the company originally closed in July 2024.
The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.
According to the company, this transaction will help increase its capital position and facilitate the ongoing growth of its multi-gigawatt development portfolio across key North American markets.
“This $400 million upsizing to the existing $650 million facility closed in 2024 reinforces the confidence of the lender community in Aypa’s proven execution capabilities and strength to lead in a fast-changing market. With over 22 GW in development, this facility gives us the flexibility to scale with discipline and deliver where the grid needs it most. We appreciate the strong support from both new and existing lenders,” said Marc Atlas, Chief Financial Officer at Aypa Power. ”
AypaPower develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America, with 30 projects currently in operation or under construction.
Earlier this year, the company announced the closing of 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.
According to Mercom’s recently released Q1 2025 Funding and M&A Report for Energy Storage, announced debt and public market financing for Energy Storage companies in Q1 2025 decreased 90% year over year, with $1.1 billion in 13 deals compared to $10.5 billion in six deals in Q1 2024.
In January, NineDot Energy, a developer of community-scale energy storage projects, closed a $65 million equipment financing transaction. Renewable energy finance provider First Citizens Bank led the funding.
