- Aypa Power to support the construction of 1.5 GW of battery storage and hybrid renewable energy projects.
A $320 million letter of credit and revolving credit facility have been closed by Aypa Power, a Blackstone portfolio company, to support the construction of 1.5 GW of battery storage and hybrid renewable energy projects.
Banco Santander of Spain, Investec of Anglo-South Africa, and Nomura Holdings of Japan all contributed to the financing. Aypa Power stated Monday that the debt would be funded by a $70 million revolving credit line and a $250 million letter of credit facility.
The additional money will be used to specifically build the target schemes and fulfil certain power purchase agreements (PPAs), other revenue contracts, and interconnection agreements responsibilities. Aypa Power develops, owns, and manages hybrid renewable energy and battery storage projects for utilities, municipalities, cooperatives, and big businesses. More than 15 GW are being developed at the moment in North America.