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CANADA, 13 November 2023: Aypa Power, a prominent independent power producer (IPP) specializing in energy storage and hybrid renewable projects, backed by Blackstone, has successfully closed a significant USD 550m portfolio financing. This funding, secured with the participation of leading institutions, propels Aypa Power’s commitment to advancing utility-scale energy storage and sustainable solutions.
Key Financing Details
In collaboration with institutions like First Citizens Bank & Trust Company, Nomura Securities International, National Bank of Canada, and MUFG Bank, Aypa Power secured a robust portfolio of debt and tax equity financing. US Bancorp Impact Finance played a pivotal role as the tax equity investor in the portfolio.
Projects in Focus
The financing reinforces Aypa’s ongoing projects, notably the Cald project, a 100 MW / 400 MWh standalone battery storage initiative in urban Los Angeles, California. A long-term tolling agreement with San Diego Gas & Electric solidifies Cald’s impact on the region’s energy landscape. Simultaneously, the funding supports the Borden County project, a 150 MW / 300 MWh battery storage initiative in Texas, both set to commence commercial operations in 2024.
Grid Reliability and Stability Contribution
The Cald and Borden County projects emerge as pivotal contributors to grid reliability and stability in their respective regions. In alignment with the evolving energy landscape favoring renewables, these projects facilitate the seamless integration of renewable sources into the grid. This not only enhances energy security but also marks a crucial step toward a sustainable future.
Institutional Confidence and Strategic Positioning
The successful closure of the USD 550m portfolio financing underscores the confidence key financial institutions have in Aypa Power’s ability to deliver impactful and sustainable energy solutions. This strategic funding positions Aypa Power as a driving force in the transition towards a more sustainable and resilient energy future.
Conclusion
Aypa Power’s strategic financing, supported by leading institutions, solidifies its position as a key player in advancing utility-scale energy storage and hybrid renewable projects. The Cald and Borden County initiatives stand as beacons of progress, fostering grid reliability and contributing to a sustainable and resilient energy future.
