Aypa Power – a developer, owner, and operator of energy storage and hybrid generation assets – closed a $88 million construction and term loan facility with CIT, a division of First Citizens Bank, and Siemens Financial Services for its Wolf Tank energy storage project.
Wolf Tank is a 173 MWh standalone battery storage energy project located in Webb County, Texas. The project will begin commercial operations in 2023 and support the delivery of a dependable electricity supply in the south region of the Electric Reliability Council of Texas (ERCOT).
“As energy demands continue to grow in Texas, so do challenges with reliability,” said Aypa Power CEO Moe Hajabed. “Wolf Tank and other Aypa energy storage and hybrid projects within our 12GW pipeline will provide flexible capacity to better meet peak load needs.”
Aypa’s first battery storage project came online in 2018, and the company currently has more than 12 GW in development across North America.
“We are pleased to finance this innovative project that will support renewable power generation and help sustain reliable power in the South Texas market.” Said Mike Lorusso, managing director and group head for CIT’s Power and Energy business.
Blackstone, a private equity firm, acquired Aypa Power in 2020 when it was a commercial & industrial-focused (C&I) storage provider called NRSTOR C&I, before re-branding it a few months later.
Earlier this Month, Leeward Renewable Energy, an owner, and operator with a portfolio of around 2,000 MW of generating capacity from renewable sources, closed $58.5 million financing and tax equity commitments for its Rabbitbrush Solar Project in Kern County, California. The project is under construction and is expected to generate around 100 MW of solar energy after completion. The solar project also integrates a 20 MW, 50 MWh battery energy storage system (BESS).
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 16 announced Energy Storage project funding deals in 1H 2022, bringing in a combined $3.8 billion compared to $1.2 billion in six deals in 1H 2021.
Matrix Renewables, the TPG Rise-backed global renewable energy platform, has signed a $92 million tax equity funding for the Gaskell West 2 and Gaskell West 3 projects in the U.S. The Gaskell West 2 and 3 projects have an installed capacity of 143 MW of solar and an 80 MWh energy storage system, located in Kern County, California.