AYPA POWER ACQUIRES 'YADKINS' ENERGY STORAGE PROJECT IN VIRGINIA

News provided by

Mar 01, 2022, 09:00 ET

AUSTIN, Texas, March 1, 2022 /PRNewswire/ - Aypa Power, a Blackstone portfolio company and developer, owner and operator of energy storage and hybrid generation assets, has finalized an agreement with East Point Energy to purchase the Yadkins standalone battery energy storage project.

The Yadkins project is a 100 MW, development stage project located in Chesapeake, Virginia. East Point Energy will continue to provide development services, as needed, to support the project. In addition to supporting the Virginia Clean Economy Act and improving the reliability of the region's electrical grid, the project will create economic benefits through construction, operations, and maintenance jobs and tax revenues to the local community.

The Yadkins project is a valuable addition to Aypa's growing portfolio, positioning Aypa to become a leading provider of storage and renewable generation products across the country.

"We are excited to develop the Yadkins project," said Aypa Power CEO, Moe Hajabed. "Demand for renewable generation continues to grow in Virginia, and storage is needed to provide flexible capacity to better integrate such renewables into the grid."

"With this acquisition," said Aypa Power Chief Commercial Officer, Dan Santelli, "Aypa can better support Virginia and its customers as they leverage storage to help transform intermittent renewables into 24x7 energy."

"The Yadkins project will help Virginia reach its goal of 100% clean energy -- a pillar of the Virginia Clean Economy Act. It has been a pleasure to work with the Aypa Power Team, and we look forward to bringing this project into operation," said East Point Energy CEO, Andrew Foukal.

About Aypa Power

Aypa Power is a Blackstone portfolio company and pioneering developer, owner, and operator of battery storage and hybrid systems for utilities, municipalities, cooperatives, and large corporate customers. Aypa works closely with its partners to understand their unique needs and create customized products and solutions. Aypa's first battery storage project came online in 2018, and the company currently has more than 10GW in development across North America. For more information about Aypa Power, visit www.aypa.com.

SOURCE Aypa Power