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Alternative Assets  + Real Assets  |  November 9, 2023
Blackstone’s Aypa Power Secures $550M for Battery Storage Projects
Joe Palmisano
By: Joe Palmisano

Blackstone’s Aypa Power Secures $550M for Battery Storage Projects 

Blackstone portfolio company Aypa Power closed on $550 million of debt and tax equity financing to further develop, construct and operate utility-scale energy storage and hybrid renewable energy projects. 

First Citizens Bank & Trust Company, Nomura Securities International, Inc., National Bank of Canada and MUFG Bank, LTD provided the debt financing, while U.S. Bancorp Impact Finance was the tax equity investor. 

This financing for the Toronto-based company will support both the Cald project, a 100 MW / 400 MWh standalone battery storage project in urban Los Angeles and the Borden County project, a 150 MW / 300 MWh battery storage project in Texas. Both projects are under construction and set to commence commercial operations in 2024. 

“We look forward to working with the investor community to bring more standalone battery and hybrid systems online, as customer demand continues to grow across North America,” said Aypa Power CFO, Marc Atlas. 

Blackstone acquired the company in March 2020 through its Energy Partners fund and rebranded it to Aypa Power from NRStor C&I L.P. 

Pictured: Aypa Power project in Borden County, Texas 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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