Aypa Power finances 200-MW/400-MWh battery project in Texas

Plamena Tisheva | Source: RenewablesNow | Posted 01/02/2025

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The project, located in Fort Bend County, near Houston, will help meet the region's growing capacity needs. It is supported by a long-term offtake arrangement.

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Aypa Power, a Blackstone portfolio company focusing on energy storage and hybrid renewables, has successfully secured a financing package worth USD 190 million for its 200-MW/400-MWh Bypass battery energy storage system (BESS) project in Texas, located in Fort Bend County near Houston. The project aims to address the growing capacity needs of the region and benefits from a long-term offtake agreement.

The funding for the project includes a USD 68 million construction-to-term loan, a USD 91 million tax equity bridge loan, and USD 31 million in letters of credit. Morgan Stanley Renewables Inc contributed USD 94 million in tax equity financing through a hybrid partnership flip structure. The financing was coordinated by SMBC and Santander, with Siemens Financial Services acting as a joint lead arranger, highlighting the significance of innovative financing structures and strong partnerships in delivering essential infrastructure to support the growing power requirements of the region, as stated by Bill Nguyen, Aypa Power's executive vice president of finance.

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Source Link: https://renewablesnow.com/news/aypa-power-finances-200-mw400-mwh-battery-project-in-texas-1268806/

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Aypa Power finances 200-MW/400-MWh battery project in Texas

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