Aypa Power secures Idaho energy storage financing
Published by Oliver Kleinschmidt,
Editorial Assistant
Energy Global,
Aypa Power, a company that builds, owns, and operates utility scale energy storage and hybrid renewable energy projects across North America, has secured US$323 million in financing commitments for its Kuna project. The 150 MW/600 MWh facility, located in the City of Kuna just outside of Boise, will be the largest battery energy storage project in Idaho when it comes online in mid-2025.
Aypa’s secured financing package includes a US$233 million green loan, comprised of a construction and term loan, a tax equity bridge loan, and a letter of credit facility. Additionally, the project secured US$90 million in tax equity, bringing the total financing to US$323 million.
Debt financing was led by ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Ltd, New York Branch, each of which acted as Coordinating Lead Arranger and Lender, with Deutsche Bank Trust Company Americas acting as Administrative Agent and US Bank serving as Depositary and Collateral Agent. The project’s tax equity investment was led by US Bank subsidiary, US Bancorp Impact Finance.
“It is bold capital investments like this that enable the scaled deployment of battery energy storage technology and make the energy transition possible,” said Moe Hajabed, CEO of Aypa Power. “Bringing Idaho’s largest battery energy storage project online will represent a significant milestone in supporting the state’s strong clean energy portfolio. The Kuna project ensures that communities benefit from sustainable and reliable power — important as the state sees significant economic development and unprecedented energy demand from data centres and other industrial users.”
In April 2023, Aypa, through the Kuna BESS LCC, secured a long-term energy storage agreement with Idaho Power for the Kuna project.
Coming online in time to serve Idaho’s 2025 capacity needs, the project is expected to create over 150 prevailing wage jobs during peak construction and generate roughly US$30 million in local economic development over the operational life of the project.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Summer 2024 issue
The Summer 2024 issue of Energy Global starts with a guest comment from Terrawatt on the streamlining of the permitting process in Italy, before moving on to a regional report from Frost & Sullivan on the energy landscape in Asia Pacific. This issue looks at key topics such as wind installation vessels, offshore wind turbine foundations, weather analysis, solar maintenance, and more!
Read the article online at: https://www.energyglobal.com/energy-storage/07082024/aypa-power-secures-idaho-energy-storage-financing/
You might also like
An evolution in wind energy
Stefano Santoni, Davi, Italy, examines the need for offshore and onshore wind turbine components to meet increasing demand in the wake of the growth of wind energy.