Aypa Power, a portfolio company of Blackstone, has closed a $1.5 billion construction warehouse revolving credit facility, with an additional $0.5 billion accordion feature. The facility will serve as the company’s primary source of construction financing for utility-scale energy storage projects expected to reach commercial operation through 2028.
The company said the transaction is the largest warehouse financing completed to date for an energy storage-focused independent power producer.
“This market-leading financing marks a significant milestone for Aypa Power and reflects the scale, quality and readiness of our development portfolio,” said Moe Hajabed, Chief Executive Officer of Aypa Power. “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 U.S. markets.”
The three-year facility was led by Canadian Imperial Bank of Commerce (CIBC), New York Branch, and Wells Fargo, which acted as Lead Structuring Agents, Left Lead Arrangers, Coordinating Lead Arrangers and Green Loan Coordinators. CIBC, New York Branch also serves as Administrative Agent and Collateral Agent.
“CIBC is proud to have led the structuring and execution of this important construction warehouse facility, supporting continued growth in the utility-scale energy storage sector,” said Ines Serrao, Managing Director and Co-Head of US Project Finance & Infrastructure at CIBC. “The facility is structured to support a portfolio of construction-ready, utility-scale assets and highlights the strength of Aypa Power’s development discipline.”
Alok Garg, Head of Project and Asset Finance at Wells Fargo, said the financing “demonstrates the growing importance of large-scale energy storage as a core component of the U.S. power system.”
U.S. Bank National Association acted as Depositary Agent. Banco Santander, BNP Paribas, ING Capital, Natixis, Royal Bank of Canada and Société Générale were among the Coordinating Lead Arrangers, with a broader syndicate of banks participating as joint and mandated lead arrangers.
