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Fundraising - JANUARY 24, 2023

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Aypa Power receives $320m in debt for battery, hybrid projects

by Andrea Zander

Aypa Power, a Blackstone portfolio company that develops, owns and operates utility-scale energy storage and hybrid renewable-energy projects, has closed $320 million of letter of credit and revolving credit facilities led by Banco Santander, Investec and Nomura as coordinating lead arrangers and joint bookrunners.

The facility will support the development and commercialization of Aypa's 15-plus-gigawatt (GW) project pipeline across North America.

“This facility accelerates Aypa's growth and the advancement of our pipeline, which aligns well with the company's goal of delivering more than 1,500 megawatts of battery storage and hybrid projects to notice-to-proceed in the next 24 months,” said Moe Hajabed, Aypa Power CEO.

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