Energy storage developer-operator Aypa Power has closed a US$1.5 billion construction warehouse revolving credit facility to advance projects across the US.
The credit facility features an extra US$500 million accordion feature. Aypa Power states it is a “first-of-its-kind transaction” and the largest warehouse financing for a storage-focused independent power producer (IPP). This will be the company’s main funding source for projects expected to become operational through 2028.
Typically, warehouse lending offers loan originators a credit line to finance mortgages, enabling banks to issue loans without tying up their capital. After a loan is originated, it is sold in the secondary market to cover the credit. This short-term credit system helps banks stay liquid while earning from origination fees and loan sales.
An accordion feature is an option allowing a company to expand its line of credit with a lender. If the company needs to borrow additional funds later, the terms are pre-established by this feature and do not require renegotiation.
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In December, South Carolina public utility, Santee Cooper, submitted an application to the state’s public service commission (PSC) for a Certificate of Environmental Compatibility and Public Convenience and Necessity (CECPCN) to approve a 300MW/1,200MWh battery energy storage system (BESS).
Aypa will use lithium iron phosphate (LFP) battery cells at the project, which will be located at the retired Jefferies generating station in South Carolina. Aypa was chosen to develop the BESS in response to Santee Cooper’s 2025 request for proposals (RFP) calling for BESS submissions.
A broad network of financial institutions participated in the US$1.5 billion credit facility. Canadian Imperial Bank of Commerce (CIBC), New York Branch and Wells Fargo served as lead structuring agents, left lead arrangers, coordinating lead arrangers, and green loan coordinators.
CIBC New York acted as the administrative and collateral agent for the three-year facility. US Bank National Association was the depositary agent. Banco Santander, S.A., New York Branch, BNP Paribas, ING Capital, Natixis, New York Branch, Royal Bank of Canada, New York Branch, and Société Générale also took on roles as coordinating lead arrangers.
ING Capital additionally acted as green loan coordinator. The joint lead arrangers included Bank of America, N.A., Fédération des Caisses Desjardins du Québec, Industrial and Commercial Bank of China Limited, New York Branch, KeyBanc Capital Markets, National Bank of Canada, PNC Capital Markets, Standard Chartered Bank, US Bank National Association, and Zions Bancorporation, N.A. Regions Bank served as a mandated lead arranger.
Ines Serrao, Managing Director and Co-Head of US Project Finance & Infrastructure at CIBC noted, “The facility is structured to support a portfolio of construction-ready, utility-scale assets and highlights the strength of Aypa Power’s development discipline.”
Liminal Energy secures US$200 million commitments
In related news, energy storage project developer Liminal Energy recently secured capital commitments from private equity investor NGP alongside contributions from Liminal’s management team.
The company confirmed that the amount it secured was US$200 million.
Liminal describes itself as a newly established developer, operator, and investor specialising in utility-scale energy storage projects. Further stating that its team comprises executives who have developed, financed, and operated more than 3 GWh of energy storage, working at firms such as Goldman Sachs Asset Management, National Grid Renewables, UBS Asset Management, and MN8 Energy.
Liminal collaborates with developers and capital providers to develop, operate, and own large-scale energy storage solutions.
Market research firm Voltility reported that Mark Saunders, Co-Founder of Liminal, who previously served as Co-Head of Energy Storage at UBS Asset Management and led the energy storage team at Goldman Sachs Renewable Power (GSRP), stated that the company aims to quickly deploy capital, mainly focusing on energy storage.
The Energy Storage Summit USA will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount. For complete information, visit the Energy Storage Summit USA website.
