Aypa Power upsizes corporate credit facility to US$1.05 billion to accelerate deployments

LinkedIn
Twitter
Reddit
Facebook
Email

Energy storage developer-operator Aypa Power has secured a US$1.05 billion credit facility, upsizing its corporate credit facility closed in July of 2024 to accelerate the deployment of its pipeline.

The US$1.05 billion credit facility is comprised of a US$300 million term loan, a US$200 million revolving credit facility and a US$550 million letter of credit facility.

Aypa claimed that its July 2024 credit facility of US$650 million was the largest in the energy storage industry. That facility replaced the company’s previous facility of US$320 million.

That transaction was led by Apterra Infrastructure Capital, Banco Santander S.A., ING Capital, Nomura Securities International, Société Générale and Sumitomo Mitsui Banking Corporation, as coordinating lead arrangers, Bookrunners, and green loan coordinators.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

It is unclear if all participating financial institutions from the previous transaction participated in the US$1.05 billion credit facility, but Banco Santander and Nomura participated in both the US$320 million facility and the US$650 million facility.

With the July 2024 facility, Moe Hajabed, CEO of Aypa Power noted that it would be used to accelerate the company’s backlog of over 3GW of battery storage and clean energy projects over the next 24 months.

In the same month, Aypa signed a contract for the 250MW/1,000MWh Signal Butte battery energy storage system (BESS) with Arizona utility Salt River Project (SRP).

The next month, the company secured financing commitments worth US$323 million for its 150MW/600MWh BESS project in Boise, Idaho.

Aypa’s activity continued throughout the year in California, Arizona and Texas.

In March of this year, solar PV and BESS firm Canadian Solar secured battery supply and long-term service agreements for two BESS projects developed by Aypa in Texas and California.

7 October 2025
Asia
By 2026, the Asia-Pacific region is forecast to contribute 68% of the projected $10.84 billion market. Over the past decade, Asia has fortified its grids with batteries that enable smart grids, renewable integration, responsive electricity markets, and ancillary services. In this rapidly evolving landscape, Energy Storage Summit Asia is your guide to this burgeoning market. Now in its second year, the Summit gathers independent generators, policymakers, banks, funds, offtakers, and cutting-edge technology providers and clarifies what successful energy storage procurement and deployment strategies look like. Topics covered include macro-level policy, supply chain dynamics, financing strategies, co-location considerations, safety measures, microgrid insights and more.

Read Next

October 7, 2025
Utility CPS Energy and IPP Eolian have begun operating Padua 1, a 50MW/100MWh battery energy storage system (BESS) located in Bexar County, Texas, US.
October 6, 2025
Nightpeak Energy has announced commercial operations of its 150MW/300MWh Bocanova Power battery energy storage system (BESS) in Brazoria County, Texas, US.
October 2, 2025
Major US utility company Duke Energy has filed its biennial long-range energy modernisation plan for North and South Carolina, US. The plan includes a 5,600MW battery storage target.
October 2, 2025
Solar PV and energy storage firm Canadian Solar has entered into battery storage agreements (BSAs) and long-term services agreements (LTSAs) with Aypa Power for the Elora and Hedley battery energy storage system (BESS) projects in Ontario, Canada.
October 1, 2025
In a recently published interview with Energy-Storage.news Premium, CEO and President of Prevalon Energy, Thomas Cornell, spoke about the global consequences of the budget reconciliation bill.

Most Popular

Email Newsletter