AUSTIN, Texas, Aug. 6, 2024 /PRNewswire/ – Aypa Power (Aypa), a Blackstone portfolio company that builds, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America, has secured $323 million in financing commitments for its Kuna project. The 150-megawatt (MW) / 600 megawatt-hour (MWh) facility, located in the City of Kuna just outside of Boise, will be the largest battery energy storage project in Idaho when it comes online in mid-2025.
Aypa’s secured financing package includes a $233 million green loan, comprised of a construction and term loan, a tax equity bridge loan, and a letter of credit facility. Additionally, the project secured $90 million in tax equity, bringing the total financing to $323 million.
Debt financing was led by ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Limited, New York Branch, each of which acted as Coordinating Lead Arranger and Lender, with Deutsche Bank Trust Company Americas acting as Administrative Agent and U.S. Bank serving as Depositary and Collateral Agent. The project’s tax equity investment was led by U.S. Bank subsidiary, U.S. Bancorp Impact Finance.
“It is bold capital investments like this that enable the scaled deployment of battery energy storage technology and make the energy transition possible,” said Moe Hajabed, CEO of Aypa Power. “Bringing Idaho’s largest battery energy storage project online will represent a significant milestone in supporting the state’s strong clean energy portfolio. The Kuna project ensures that communities benefit from sustainable and reliable power — important as the state sees significant economic development and unprecedented energy demand from data centers and other industrial users.”
In April 2023, Aypa, through the Kuna BESS LCC, secured a long-term energy storage agreement with Idaho Power for the Kuna project.
Coming online in time to serve Idaho’s 2025 capacity needs, the project is expected to create over 150 prevailing wage jobs during peak construction and generate roughly $30 million in local economic development over the operational life of the project.
About Aypa Power
Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, Aypa was founded with the purpose of reducing reliance on fossil fuels and making a positive impact in the fight against climate change, while improving grid reliability and resiliency. Aypa has been at the forefront of energy storage development since their first energy storage project came online in 2018. The company currently has more than 22 GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.com.
SOURCE Aypa Power
