AYPA POWER SECURES $650M IN UPSIZED CORPORATE FACILITY, THE LARGEST IN THE ENERGY STORAGE INDUSTRY

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Jul 23, 2024, 09:00 ET

AUSTIN, Texas, July 23, 2024 /PRNewswire/ - Aypa Power (Aypa), a Blackstone portfolio company that builds, owns, and operates utility-scale energy storage and hybrid renewable energy projects, has 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," said Marc Atlas, Chief Financial Officer of Aypa Power. "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," said Moe Hajabed, CEO of Aypa Power. "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 LLP as legal counsel, and PEI Global Partners as financial advisor. The lenders were advised by Norton Rose Fulbright US LLP as legal counsel.

About Aypa Power:

Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, Aypa was founded with the purpose of reducing reliance on fossil fuels and making a positive impact in the fight against climate change, while improving grid reliability and resiliency. Aypa has been at the forefront of energy storage development since their first energy storage project came online in 2018. The company currently has more than 22 GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.com.

SOURCE Aypa Power