Aypa Power, a developer, owner, and operator of energy storage and hybrid generation assets, has secured a corporate credit facility worth $320 million.
The facility was arranged by Banco Santander, Investec, and Nomura as Coordinating Lead Arrangers and Joint Bookrunners.
It will support developing and commercializing Aypa’s 15+ GW project pipeline across North America.
The credit facility includes a $250 million letter of credit and a $70 million revolving credit, providing Aypa with development capital and credit support for securing agreements related to power purchase, revenue contracts, and interconnection.
This funding will help the company achieve its target of delivering 1,500 MW of battery storage and hybrid projects within the next two years.
“This facility will boost Aypa’s growth and advance its project portfolio,” said Moe Hajabed, CEO of Aypa Power.
Aypa Power is a Blackstone investment firm subsidiary with over 15 GW in development across North America. This new funding will allow Aypa to continue its growth and mission to advance the transition to clean and sustainable energy.
Last year the company closed a $88 million loan for its Wolf Tank Energy Storage Project. The loan was provided by CIT (a division of First Citizens Bank) and Siemens Financial Services. The Wolf Tank project, with a capacity of 173 MWh, is a standalone battery storage project located in Texas’ Webb County and is set to start commercial operations in 2023.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. In 2022, announced debt and public market financing for energy storage companies increased 151%, with $20.6 billion in 28 deals compared to $8.2 billion raised in 2021.
