North American energy storage promoter, Aypa Power, has successfully secured $550 million (EUR 514.3m) in debt and tax equity financing to facilitate the ongoing development of two battery energy storage projects in Texas and California, totaling 250 MW.
The funding arrangement was solidified with a lending consortium that includes First Citizens Bank & Trust Company, Nomura Securities International Inc, National Bank of Canada, and MUFG Bank. The tax equity component is provided by US Bancorp Impact Finance, as announced by Aypa Power on Wednesday.
This follows the recent revelation by global legal services provider Milbank LLP, highlighting its involvement in the $350 million debt funding segment.
The allocated financing will support the construction of the 100-MW/400-MWh Cald project in Los Angeles County, California, and the 150-MW/330-MWh Borden project in Borden County, Texas. Both projects are currently in progress and are expected to be operational next year. The smaller battery facility will operate under a long-term tolling agreement with utility San Diego Gas & Electric.
Headquartered in Austin, Texas, Aypa Power is a portfolio company of Blackstone, boasting a North American energy storage pipeline exceeding 22 GW.