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Alternative Assets  + Real Assets  |  November 9, 2023
Blackstone’s Aypa Power Secures $550M for Battery Storage Projects
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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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