Aypa Power, a Blackstone portfolio company and leading developer, owner, and operator of utility-scale energy storage and hybrid renewable energy projects, has announced the closing of its US$1.5 billion construction warehouse revolving credit facility, with an additional US$500 million accordion feature. The transaction represents the largest warehouse financing executed for a storage-focused independent power producer and will serve as the company’s principal funding source for projects expected to reach commercial operation through 2028.
Latham & Watkins LLP represented the lenders in the transaction with a Project Development & Finance team led by San Diego partner Omar Nazif and New York partner Cameron Lyons, with associates Cait O’Neill, Josh Lin, Payton Reisinger, and Joshua Graffi,* with assistance from Grigorios Pappas. Advice was also provided on tax matters by Chicago partner Rene de Vera, with associates Andrea Herman and Lucas Migliano; on energy regulatory matters by Washington, D.C. partner Tyler Brown and counsel James Blackburn, with assistance from Elisa Vial; on environmental permitting matters by Los Angeles/Houston partner Joshua Marnitz, with associates Kate Johnstone and Brandon Kerns; on real estate matters by San Diego partner James Mann, with associate Daniel Eyal; and on hedging matters by New York partner Carlos Alvarez, with associates Jim Lambert and with assistance from Nathan Ye.
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