Aypa Power (Aypa), a Blackstone portfolio company developing, owning, and operating utility-scale energy storage and hybrid renewable energy projects across North America, has secured $323 million in financing commitments for its 150 MW/600 MWh Kuna battery energy storage system (BESS) project.
The project, located in the City of Kuna outside of Boise, Idaho, is anticipated to be operational in mid-2025. During peak construction, the facility is predicted to create over 150 prevailing wage jobs and generate roughly $30 million in local economic development over its operational life.
Additionally, Aypa, through the Kuna BESS, had secured a long-term energy storage agreement with Idaho Power for the Kuna project.
"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.
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Aypa's secured financing package includes a $233 million green loan, a construction and term loan, a tax equity bridge loan, and a letter of credit facility. The project also received $90 million in tax equity, bringing its total financing to $323 million.
While debt financing was led by ING Capital, Societe Generale, and Industrial and Commercial Bank of China Limited, New York Branch, each acting as coordinating lead arranger and lender, Deutsche Bank Trust Company Americas supported as administrative agent, and U.S. Bank served as depositary and collateral agent. U.S. Bank subsidiary U.S. Bancorp Impact Finance led the project's tax equity investment.
