Aypa Power (Aypa), a Blackstone portfolio company specializing in utility-scale energy storage and hybrid renewable energy projects, has achieved a significant milestone with the successful closure of a $650 million corporate credit facility. This comprehensive financing package, including access to letters of credit, a revolver, and a term loan, replaces and surpasses the company’s previous $320 million facility.
The transaction, spearheaded by a consortium of lenders including Apterra Infrastructure Capital LLC, Banco Santander S.A., ING Capital LLC, Nomura Securities International, Inc., Societe Generale, and Sumitomo Mitsui Banking Corporation, as Coordinating Lead Arrangers, Bookrunners, and Green Loan Coordinators, signifies a strong vote of confidence in Aypa’s leadership position within the industry.
The refinanced and expanded facilities now consist of a $350 million LC facility, a $100 million revolver, and a $200 million term loan, totaling $650 million. This enhanced financial structure will provide Aypa with the necessary capital to fuel its ongoing business expansion and propel the advancement of its project pipeline across the United States and Canada.
“We are deeply grateful for the unwavering support of our lenders,” stated Marc Atlas, Chief Financial Officer of Aypa Power. “This facility, underpinned by a robust 22 gigawatt pipeline of assets in development, construction, and operations, boasting strong long-term contracted cash flows, empowers us to solidify our position as a market leader in the deployment of battery storage and hybrid renewable energy systems.”
Moe Hajabed, CEO of Aypa Power, added, “This facility stands as a testament to our exceptional performance and the unwavering trust placed in us by our financial partners. We have been at the forefront of energy storage innovation since our inaugural project went live in 2018. With this new injection of funding, we are well-positioned to accelerate our pipeline and deliver on a backlog exceeding 3 gigawatts of cutting-edge battery storage and hybrid clean energy projects within the next 24 months.”
Aypa received legal counsel from Kirkland & Ellis LLP and financial advisory services from PEI Global Partners. Norton Rose Fulbright US LLP provided legal counsel to the lenders.
About Aypa Power: Aypa Power is a Blackstone portfolio company dedicated to the development, ownership, and operation of utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, Aypa was founded with a clear mission: to reduce reliance on fossil fuels, make a positive impact in the fight against climate change, and enhance grid reliability and resilience. Aypa has been a pioneer in energy storage development since its first energy storage project went online in 2018. The company currently has over 22 GW in development across North America. For further information, connect with Aypa Power on LinkedIn or visit www.aypa.com.
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