Aypa Power has closed a $650 million corporate credit facility, which includes access to letters of credit, a revolver and a term loan, replacing the company’s existing $320 million facility.
The transaction is led on the lender side by Apterra Infrastructure Capital, Banco Santander, ING Capital, Nomura Securities International, Societe Generale, and Sumitomo Mitsui Banking Corporation, as Coordinating Lead Arrangers, Bookrunners, and Green Loan Coordinators.
The refinanced and upsized facilities include a $350 million LC facility, a $100 million revolver, and a $200 million term loan, bringing the total to $650 million. These enhanced facilities will provide Aypa with the necessary capital to support its business expansion and the advancement of its project pipeline across the United States and Canada.
Marc Atlas, Chief Financial Officer of Aypa Power, said: “This facility, backed by a 22 gigawatt pipeline of assets in development, construction, and operations, featuring robust long-term contracted cash flows, enhances our ability to lead the market in deploying battery storage and hybrid renewable energy systems.”
Moe Hajabed, CEO of Aypa Power, said: “With this new funding, we are positioned to accelerate our pipeline and deliver on a backlog of over 3 gigawatts of cutting-edge battery storage and hybrid clean energy projects in the next 24 months.”