Aypa Power Secures $350 Million Financing for US Battery Projects

North American energy storage company, Aypa Power, has successfully secured a substantial $350 million financing facility for the development and construction of battery projects in the United States.

This significant milestone was announced by global legal services provider Milbank LLP, which represented the arrangers and lenders in the transaction, including MUFG, Nomura, National of , and First Citizens Bank.

The funding will bolster the execution of two notable projects: the 150-Megawatt (MW)/330-Megawatt-hour (MWh) Borden battery energy storage project in Borden County, Texas, and the 100-MW/400-MWh Cald project in Los Angeles County, California. Aypa Power, a company under the portfolio, holds ownership of these assets.

Daniel J. Michalchuk, the leader of Milbank's group project, energy, and finance practice group, expressed his satisfaction with the financing, emphasizing its groundbreaking nature. He noted that this venture marks one of the initial standalone battery energy storage projects involving full tax equity participation and incorporates mechanisms pertinent to tax credit transferability, thanks to the .

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