U.S.-based energy storage developer, Aypa Power, has secured a USD 1.5 billion construction warehouse revolving credit facility, with an additional USD 0.5 billion accordion feature, to fund utility-scale battery energy storage projects nationwide. The three-year facility supports construction-ready assets through 2028 and provides flexible, portfolio-wide capital deployment.
PROJECT SNAPSHOT
U.S.-based Blackstone portfolio company, Aypa Power, has closed a USD 1.5 billion construction warehouse revolving credit facility, with an additional USD 0.5 billion accordion feature. The financing will support the development and construction of utility-scale energy storage projects in the United States.
According to the company, the first-of-its-kind transaction represents the largest warehouse financing executed for a storage-focused independent power producer (IPP). It is designed to support a portfolio of construction-ready battery energy storage system assets, allowing capital to be deployed across multiple projects under a single financing structure. The revolving nature of the facility enables flexibility as projects advance through different construction stages.
The facility is structured as a three-year financing arrangement and is expected to serve as the company’s primary funding source for utility-scale energy storage and hybrid renewable projects scheduled to reach commercial operation through 2028.
Aypa power currently has a development pipeline exceeding 22 GW across US markets, with more than 30 projects under construction or in operation.
Canadian Imperial Bank of Commerce (CIBC) and Wells Fargo acted as lead structuring agents and green loan coordinators. The three-year facility includes a massive syndicate of lenders including Banco Santander, BNP Paribas, ING Capital, Natixis, Royal Bank of Canada, and Société Générale.
Moe Hajabed, CEO of Aypa Power, said the warehouse facility reflects the scale and readiness of the company’s utility-scale energy storage development portfolio and supports advancement of projects across U.S. markets.
Ines Serrao, Managing Director and Co-Head of US Project Finance & Infrastructure at Canadian Imperial Bank of Commerce, said the facility was structured to support a portfolio of construction-ready utility-scale assets.
Alok Garg, Head of Project and Asset Finance at Wells Fargo, said the financing highlights the role of large-scale energy storage within the U.S. power system.