Aypa Power gets debt, tax equity for 150-MW battery in Idaho

Aypa Power, a renewables and energy storage company backed by Blackstone Inc (NYSE:BX) has obtained USD 323 million (EUR 296m) to fund the construction of a 150-MW/600-MWh battery in Idaho, set to become the largest one in the US state.

The financing package includes a USD-233-million loan and some USD 90 million in tax equity, Aypa Power said on Tuesday.

Specifically, the green loan consists of a construction and term loan, a tax equity bridge loan, and a letter of credit facility. The debt was extended by ING Capital LLC, Societe Generale and Industrial and Commercial Bank of China. US Bancorp Impact Finance led the tax equity investment.

The fresh proceeds are earmarked for the Kuna battery energy storage system (BESS), to be built in the city of Kune outside Boise. The facility is slated to become operational in the middle of next year and will be run under a long-term agreement with utility Idaho Power signed last April.

Aypa Power estimates that the project will generate about USD 30 million in local economic development during its lifespan.

At present, Aypa Power has more than 22 GW of BESS projects under development in North America. Last month, it closed a USD-650-million corporate credit facility to refinance an existing one and further advance its project pipeline across the US and Canada.

(USD 1.0 = EUR 0.917)

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