Blackstone-backed energy storage developer Aypa Power announced that it has secured $1.5 billion in warehouse facility financing, with the capital aimed at accelerating the construction of utility-scale energy storage projects across the U.S.
The financing, which includes a $1.5 billion construction warehouse revolving credit facility, and an additional US$500 million accordion feature, marks the largest warehouse financing executed for a storage-focused independent power producer, according to the company, and will serve as the company’s principal funding source for projects expected to reach commercial operation through 2028.
Founded in 2017, Texas-based Aypa Power has 30 projects either operating or under construction, as well as a development pipeline exceeding 22 GW. Its first energy storage project entered service in 2018, and its portfolio spans standalone storage and projects paired with renewable generation. The company was acquired by Blackstone in 2020.
Moe Hajabed, Aypa Power’s CEO, said:
“This market leading financing marks a significant milestone for Aypa Power and reflects the scale, quality and readiness of our development portfolio. The warehouse facility positions us to advance a growing pipeline of utility-scale energy storage projects and continue delivering critical infrastructure that strengthens grid reliability across US markets.”
