Aypa Power, a leading independent power producer (IPP) specializing in energy storage and hybrid renewable energy projects and a portfolio company of Blackstone, has closed a substantial $550 million portfolio debt and tax equity financing.
The financing was secured with the participation of leading institutions, including First Citizens Bank & Trust Company, Nomura Securities International, National Bank of Canada, and MUFG Bank, with U.S. Bancorp Impact Finance acting as the portfolio’s tax equity investor.
This financing supports Aypa’s ongoing projects, notably the Cald project, a 100 MW / 400 MWh standalone battery storage project situated in urban Los Angeles, California. The Cald project has secured a long-term tolling agreement with San Diego Gas & Electric.
Additionally, the funding supports the Borden County project, a 150 MW / 300 MWh battery storage project located in Texas. Both projects are currently under construction and are scheduled to commence commercial operations in 2024.
The Cald and Borden County projects play a crucial role in enhancing grid reliability and stability within their respective regions. As the energy landscape evolves towards increased reliance on renewable sources, these projects contribute to the seamless integration of renewables into the grid, fostering overall energy security.
Aypa Power’s successful closure of the $550 million portfolio financing underscores the confidence of key financial institutions in the company’s ability to deliver impactful and sustainable energy solutions. This strategic funding positions Aypa Power to continue its commitment to advancing utility-scale energy storage and hybrid renewable energy projects, playing a vital role in the transition towards a more sustainable and resilient energy future.