Kirkland & Ellis counseled Aypa Power I LLC, a portfolio company of Blackstone Energy Partners, in connection with a $650 million senior secured multi-tranche hybrid credit facility, the largest in the energy storage industry. The new senior secured hybrid corporate facility consists of a $350 million letter of credit facility, a $200 million term loan facility and a $100 million revolving credit facility. The proceeds of the new senior secured facility will be used, among other things, to finance the development of Aypa Power’s renewable energy portfolio in the U.S. and Canada, to refinance certain existing obligations of Aypa Power, and to provide additional liquidity and credit support for Aypa Power’s renewable energy assets. Aypa Power is a leading energy storage and renewable power developer and currently has more than 22 GW in development across North America.
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