Aypa Power, a Blackstone portfolio company, has secured $323m in financing for its Kuna project in Idaho, US.
The 150MW/600 megawatt hours (MWh) facility, situated near Boise in the city of Kuna, will become Idaho’s largest battery energy storage project by mid-2025.
The financing package for the Kuna project includes a $233m green loan, which encompasses a construction and term loan, a tax equity bridge loan and a letter of credit facility.
The project has also secured $90m in tax equity, culminating in a total financing of $323m.
ING Capital, Société Générale, and Industrial and Commercial Bank of China (New York branch) spearheaded the debt financing. Each institution served as a co-ordinating lead arranger and lender.
Deutsche Bank Trust Company Americas served as the administrative agent, with the US Bank as depositary and collateral agent.
Tax equity investment for the project was led by US Bancorp Impact Finance, a subsidiary of US Bank.
The Kuna project is strategically timed to meet Idaho’s capacity needs by 2025 and will create 150 jobs at the peak of its construction phase.
It is projected to contribute $30m to local economic development throughout its operational lifespan.
In April 2024, Aypa secured a long-term energy storage agreement with Idaho Power for the Kuna project.
Aypa Power CEO Moe Hajabed stated: “It is bold capital investments like this that enable the scaled deployment of battery energy storage technology and make the energy transition possible.
“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 March 2023, Aypa Power purchased two standalone battery energy storage system projects in Indiana.
