Aypa Power, a Blackstone portfolio company and one of the fastest-growing developers of utility-scale energy storage, has closed a $1.5 billion construction warehouse revolving credit facility, marking a major step in financing the next wave of large battery projects across the United States.
The Austin-based company said the facility — which includes an additional $0.5 billion accordion feature — is the largest warehouse financing ever executed for a storage-focused independent power producer. The capital will serve as Aypa’s principal funding source for projects expected to reach commercial operation through 2028.
With 30 projects currently in operation or under construction and a development pipeline exceeding 22 gigawatts, Aypa has positioned itself as a key player in the transition toward cleaner and more reliable electricity systems. The company focuses on large battery installations that help stabilize the grid, integrate renewable generation, and reduce reliance on fossil-fuel peaker plants.
The new credit facility was structured to allow Aypa to move multiple projects into construction without arranging separate financing for each site. Industry analysts say such warehouse structures are becoming essential as storage portfolios grow in size and complexity.
"This market leading financing marks a significant milestone for Aypa Power and reflects the scale, quality, and readiness of our development portfolio," said Moe Hajabed, Chief Executive Officer of Aypa Power. "The warehouse facility positions us to advance a growing pipeline of utility-scale energy storage projects and continue delivering critical infrastructure that strengthens grid reliability across U.S. markets. We are appreciative of the confidence that this large group of lenders has placed in our ability to execute at this scale."
A consortium of major financial institutions participated in the transaction. Canadian Imperial Bank of Commerce (CIBC) and Wells Fargo acted as lead structuring agents and coordinating lead arrangers.
"CIBC is proud to have led the structuring and execution of this important construction warehouse facility, supporting continued growth in the utility-scale energy storage sector," said Ines Serrao, Managing Director and Co-Head of US Project Finance & Infrastructure, CIBC. "The facility is structured to support a portfolio of construction-ready, utility-scale assets and highlights the strength of Aypa Power's development discipline."
"Wells Fargo is proud to support Aypa in bringing this facility to market. This financing demonstrates the growing importance of large-scale energy storage as a core component of the U.S. power system," added Alok Garg, Head of Project and Asset Finance at Wells Fargo.
Beyond CIBC and Wells Fargo, the financing drew participation from a wide roster of global banks including Banco Santander, BNP Paribas, ING Capital, Natixis, Royal Bank of Canada, Société Générale, Bank of America, Industrial and Commercial Bank of China, KeyBanc Capital Markets, PNC Capital Markets, Standard Chartered Bank, U.S. Bank, Zions Bancorporation, and Regions Bank.
CIBC’s New York Branch will serve as Administrative and Collateral Agent, while U.S. Bank National Association will act as Depositary Agent. The structure was also designated as a Green Loan, reflecting the environmental benefits of large-scale storage in reducing carbon emissions and enabling renewable energy adoption.
Energy storage has become one of the fastest-growing segments of the U.S. power sector as utilities confront rising electricity demand, extreme weather, and the rapid buildout of solar and wind resources. Battery projects allow operators to store excess renewable generation and discharge it during peak hours, reducing the need for natural-gas plants and helping prevent blackouts.
Aypa said the financing will accelerate projects across multiple regional markets where grid operators have called for new flexible capacity. The company has been active in California, Texas, the Midwest, and the Northeast since bringing its first energy storage project online in 2018.
Aypa Power develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. With 30 projects in operation or construction and a pipeline exceeding 22 gigawatts, the company delivers infrastructure that strengthens grid reliability, integrates renewables, and reduces dependence on fossil fuels. Aypa is backed by global investment firm Blackstone.
Originally reported by Aypa Power in PR News Wire.
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