Aypa Power secures $323 million financing for Idaho’s largest battery energy storage project

Aypa Power, a portfolio company of Blackstone, has secured $323 million in financing for its Kuna project in Idaho. The 150 MW/600 MWh facility, located near Boise in the city of Kuna, is set to become Idaho’s largest battery energy storage project by mid-2025.

The financing package includes a $233 million green loan comprising a construction and term loan, a tax equity bridge loan, and a letter of credit facility. Additionally, the project has secured $90 million in tax equity, bringing the total financing to $323 million.

ING Capital, Société Générale, and the Industrial and Commercial Bank of China (New York branch) led the debt financing as co-ordinating lead arrangers and lenders. Deutsche Bank Trust Company Americas acted as the administrative agent, with the US Bank serving as the depositary and collateral agent. US Bancorp Impact Finance, a subsidiary of US Bank, led the tax equity investment.

Strategically timed to meet Idaho’s capacity needs by 2025, the Kuna project will create 150 jobs at the peak of its construction phase and is projected to contribute $30 million to local economic development throughout its operational lifespan. In April 2024, Aypa secured a long-term energy storage agreement with Idaho Power for the project.