Aypa Power closes $320 million credit facility for pipeline project

By Mary-Katherine Stinson

Lexington, Ky., Jan. 23 – Aypa Power closed $320 million of letter of credit and revolving facilities to support the development and commercialization of its 15+GW project pipeline across North America, according to a press release.

The financing is made up of a $250 million letter of credit facility and a $70 million revolving credit facility.

Banco Santander, Investec and Nomura led the deal as coordinating lead arrangers and joint bookrunners.

The funding will be used by Aypa for development capital and credit support to secure power purchase agreements and other revenue contracts as well as interconnection agreements.

Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. It has headquarters in Austin, Tex, and Toronto.

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