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Alternative Assets  + CLOs  + Direct Investment  + Private Debt  |  January 27, 2023
Blackstone-Owned Aypa Power Raises $320M Senior Credit Facility
Joe Palmisano
By: Joe Palmisano

Blackstone-Owned Aypa Power Raises $320M Senior Credit Facility

Energy storage developer and Blackstone-owned Aypa Power has closed a $320 million senior secured sustainability revolving credit to advance activities including interconnection agreements and customer contracts for a 15GW+ pipeline of projects.

The financing was led by Banco Santander, Investec and Nomura, with the three acting as joint bookrunners and lead arrangers. The corporate credit facilities comprise a $250 million letter of credit and a $70 million revolving credit.

The funding will be used as development capital and credit support for what Aypa Power described as securing “obligations principally relating to power purchase agreements (PPAs) and other revenue contracts, as well as interconnection agreements.”

“This facility positions our platform to continue our market leading deployment of battery storage and hybrid systems, while providing the lenders with significant cash flow and asset coverage,” said Marc Atlas, Chief Financial Officer of Aypa Power.

Blackstone bought the business in 2020 and rebranded it from its former name of NRSTOR C&I. Prior to the acquisition, the company had been focused on commercial and industrial (C&I) projects, mostly in its home province of Ontario, Canada. Aypa has since pivoted towards the utility-scale market segment.

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Aypa Power

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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