Aypa Power (Aypa), a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, has closed US$320 million of letter of credit and revolving credit facilities led by Banco Santander, Investec, and Nomura as Coordinating Lead Arrangers and Joint Bookrunners. The facility will support the development and commercialization of Aypa’s 15+ GW project pipeline across North America. The facilities are comprised of a US$250 million letter of credit facility and a US$70 million revolving credit facility.
Latham & Watkins LLP advised Aypa Power in the deal with a finance team led by New York partners Warren Lilien and Kelly Cataldo. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Michael Yu.