Aypa Power (Aypa), a portfolio company of Blackstone that constructs, owns, and operates utility-scale energy storage and hybrid renewable energy projects throughout North America, has obtained $323 million in financing commitments for its Kuna project.
The 150-megawatt (MW) / 600 megawatt-hour (MWh) facility, situated in the City of Kuna near Boise, will become Idaho’s largest battery energy storage project when it becomes operational in mid-2025.
Aypa’s financing package includes a $233 million green loan, which consists of a construction and term loan, a tax equity bridge loan, and a letter of credit facility. Furthermore, the project has secured $90 million in tax equity, bringing the total financing to $323 million.
Debt financing was spearheaded by ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Limited, New York Branch, each serving as Coordinating Lead Arranger and Lender, while Deutsche Bank Trust Company Americas acted as Administrative Agent and U.S. Bank functioned as Depositary and Collateral Agent.
The tax equity investment for the project was led by U.S. Bank subsidiary, U.S. Bancorp Impact Finance.
“It is significant capital investments like this that facilitate the large-scale deployment of battery energy storage technology and enable the energy transition,” stated Moe Hajabed, CEO of Aypa Power.
“Launching Idaho’s largest battery energy storage project will mark a major milestone in enhancing the state’s robust clean energy portfolio. The Kuna project guarantees that communities will benefit from sustainable and reliable power — crucial as the state experiences substantial economic growth and unprecedented energy demand from data centers and other industrial users.”
In April 2023, Aypa, through Kuna BESS LCC, secured a long-term energy storage agreement with Idaho Power for the Kuna project.
Set to come online in time to meet Idaho’s 2025 capacity needs, the project is projected to create over 150 prevailing wage jobs during peak construction and generate approximately $30 million in local economic development throughout the project’s operational lifespan.
About Aypa Power:
Aypa Power is a Blackstone portfolio company focused on developing, owning, and operating utility-scale energy storage and hybrid renewable energy projects.
As an independent power producer, Aypa was established to decrease reliance on fossil fuels and positively contribute to combating climate change while enhancing grid reliability and resilience. Aypa has been a leader in energy storage development since its first project began operations in 2018. The company currently has over 22 GW in development across North America.
Source :Aypa Power
