Aypa Power, a Blackstone portfolio company, has secured $323 million in financing for its significant energy storage project in Kuna, Idaho. This 150-megawatt (MW) / 600 megawatt-hour (MWh) facility, set to be Idaho’s largest battery energy storage project, will come online in mid-2025.
Financing Package and Investment Details
The financing for the Kuna project includes a $233 million green loan package, consisting 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. ING Capital LLC, Société Générale, and the Industrial and Commercial Bank of China Limited, New York Branch, led the debt financing. Deutsche Bank Trust Company Americas acted as Administrative Agent, while U.S. Bank served as Depositary and Collateral Agent. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, led the tax equity investment.
Project Significance and Impact
Moe Hajabed, CEO of Aypa Power, emphasized the project’s importance, stating, “Bold capital investments like this enable the scaled deployment of battery energy storage technology and make the energy transition possible.” He noted that the Kuna project will support Idaho’s clean energy portfolio and meet the state’s increasing energy demand from data centers and other industrial users.
In April 2023, Aypa secured a long-term energy storage agreement with Idaho Power for the Kuna project. Expected to come online by 2025, the project will create over 150 prevailing wage jobs during peak construction and generate approximately $30 million in local economic development over its operational life.
Aypa Power’s Role in the Energy Market
Aypa Power develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. The company was founded to reduce reliance on fossil fuels and combat climate change while enhancing grid reliability. Since launching its first energy storage project in 2018, Aypa has been at the forefront of energy storage developments, currently boasting over 22 GW in development across North America.
Driving Solar Energy and Green Energy Policies
This significant investment underscores the growing trends in the solar energy market and the importance of energy storage in green energy policies. The Kuna project represents a major milestone in solar energy investment, highlighting the critical role of advanced solar technology and energy storage solutions. By integrating lithium batteries and other advanced storage technologies, Aypa Power is setting a precedent for future energy market trends and developments.
In conclusion, Aypa Power’s $323 million financing for the Kuna project marks a significant advancement in energy storage and solar energy market analysis. As Idaho’s largest battery energy storage project, it will support the state’s clean energy goals and address the rising energy demands of its growing economy. This initiative not only benefits the local community but also contributes to broader green energy policies and sustainable energy developments.
Source：prnewswire.com
