Aypa Power Secures $1.5B Warehouse Facility to Accelerate Utility-Scale Storage (Blackstone Portfolio)

Aypa’s Warehouse Loan Accelerates Utility‑Scale Storage Rollout

Aypa Power, a Blackstone portfolio company and a major developer, owner and operator of utility‑scale energy storage and hybrid renewable projects, is closing a $1.5 billion construction warehouse revolving credit facility with a $500 million accordion feature. The three‑year facility is described as the largest warehouse financing executed for a storage‑focused independent power producer and will serve as Aypa’s principal funding source for projects scheduled to reach commercial operation through 2028.

The deal is structured and led by Canadian Imperial Bank of Commerce, New York Branch and Wells Fargo, which act as lead structuring agents, left lead arrangers, coordinating lead arrangers and Green Loan Coordinators. A broad syndicate of global banks participates, with additional coordinating lead arrangers including Banco Santander, BNP Paribas, ING, Natixis, Royal Bank of Canada and Société Générale, and joint lead arrangers ranging from Bank of America to U.S. Bank and Zions Bancorporation. The facility’s three‑year tenor and revolving nature are intended to match construction timelines across a clustered pipeline of projects.

Company and bank executives frame the financing as a milestone for large‑scale storage deployment and grid reliability. Aypa CEO Moe Hajabed says the market‑leading financing reflects the scale, quality and readiness of the company’s development portfolio. Ines Serrao of CIBC and Alok Garg of Wells Fargo stress the facility’s role in accelerating construction‑ready utility assets and meeting growing demand for long‑duration storage to bolster U.S. grid resilience across competitive markets. For Blackstone, the transaction reinforces an active push into energy infrastructure and storage as part of a broader strategy to back technologies that address intermittency and capacity needs on evolving grids.

Syndicate, green loan features support ESG and scale

The facility includes Green Loan Coordinators and incorporates sustainability credentials that align with investor and lender focus on climate‑aligned infrastructure. U.S. Bank serves as depositary agent while administrative and collateral duties rest with CIBC; banks say the structure aims to provide streamlined capital availability across multiple construction projects and lower execution risk for an asset class that is rapidly scaling.

Private equity context: exits and capital redeployments

The deal comes as private equity firms increasingly monetize holdings amid a period of more frequent but lower‑value exits, according to market data. Blackstone is among larger sponsors reporting substantial realizations, highlighting a push by fund managers to free capital and reallocate into areas such as energy infrastructure where long‑term cash flows and scale are attractive.