Blackstone's Aypa bags USD 320m in debt for battery, hybrid projects
Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
Aypa Power, a Blackstone portfolio company, has closed a letter of credit and revolving credit facilities totalling USD 320 million (EUR 294.2m) to back the development of 1.5 GW of battery storage and hybrid renewable energy projects.
The financing was extended by Spain’s Banco Santander, Anglo-South African banking group Investec and Japan’s Nomura Holdings. The debt will come from a USD-250-million letter of credit facility and a revolving credit line of USD 70 million, Aypa Power said on Monday.
"This facility accelerates Aypa's growth and the advancement of our pipeline, which aligns well with the company's goal of delivering over 1,500 megawatts of battery storage and hybrid projects to notice-to-proceed in the next 24 months," said Moe Hajabed, CEO of Aypa Power.
Specifically, the fresh funds will be allocated to further develop the target schemes and secure obligations related to power purchase agreements (PPAs), other revenue contracts and interconnection agreements.
Aypa Power is a developer, owner and operator of battery storage and hybrid renewable power projects for utilities, municipalities, cooperatives and large corporate clients. At present, it has more than 15 GW in development across North America.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.