Aypa Power, a utility-scale energy storage and hybrid renewables developer backed by Blackstone, has closed a USD 1.5 billion debt financing facility aimed at accelerating the construction of its battery energy storage system portfolio through 2028.
The three-year construction warehouse revolving credit facility includes an accordion feature allowing expansion by an additional USD 500 million, bringing potential total financing to USD 2 billion. According to the company, this represents the largest warehouse financing executed to date for a storage-focused independent power producer, underscoring the increasing scale at which battery developers are now operating.
Warehouse facilities of this size signal a structural change in how storage assets are financed. Rather than relying solely on individual project finance once assets reach notice to proceed, developers with deep pipelines and repeatable construction profiles are gaining access to flexible capital pools that can be deployed across multiple projects. For Aypa Power, the facility will serve as the primary funding source for construction-ready projects scheduled to reach commercial operation over the next four years, reducing execution risk and shortening development timelines.
The lender group reflects strong participation from global financial institutions. Canadian Imperial Bank of Commerce and Wells Fargo acted as lead structuring agents, with Banco Santander, BNP Paribas, ING Capital, Natixis, Royal Bank of Canada, and Societe Generale joining as coordinating lead arrangers. The breadth of the syndicate highlights how battery storage has moved into the mainstream of bankable energy infrastructure, supported by more predictable revenue mechanisms and improving asset performance data.
Aypa Power currently has 30 projects either operational or under construction, alongside a development pipeline exceeding 22 gigawatts. While pipeline size alone does not guarantee execution, access to warehouse financing allows developers to convert late-stage projects into operating assets more efficiently, particularly as interconnection queues, supply chain constraints, and construction costs remain key bottlenecks across North American power markets.
