Aypa Power, a Blackstone portfolio company that builds, owns and operates utility-scale energy storage and hybrid renewable energy projects, successfully 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, led on the lender side by Apterra Infrastructure Capital LLC, Banco Santander S.A., ING Capital LLC, Nomura Securities International, Inc., Société Générale, and Sumitomo Mitsui Banking Corporation, as Coordinating Lead Arrangers, Bookrunners, and Green Loan Coordinators, underscores the market’s confidence in Aypa’s momentum as an industry leader.
The refinanced and upsized facilities now 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 ongoing business expansion and the advancement of its project pipeline across the United States and Canada.
“We greatly appreciate the support of our lenders,” 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.”
“This facility highlights our exceptional performance and the unwavering trust of our financial partners,” Moe Hajabed, CEO of Aypa Power, said. “We have been at the forefront of energy storage since our first project came online in 2018. 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.”
Aypa was advised by Kirkland & Ellis as legal counsel, and PEI Global Partners as financial advisor. The lenders were advised by Norton Rose Fulbright U.S. as legal counsel.
