Aypa Power, a Blackstone portfolio company and leading developer, owner, and operator of utility-scale energy storage and hybrid renewable energy projects, announced it has closed $535 million in debt financing to advance a 320-megawatt (MW) solar-plus-storage project in San Bernardino County, California.
Santander Corporate & Investment Banking served as Coordinating Lead Arranger, Mandated Lead Arranger, Green Loan Coordinator, Lender, and LC Issuer. U.S. Bank National Association (through its U.S. Bancorp Impact Finance subsidiary) and Zions Bancorporation, N.A. acted as mandated lead arrangers and lenders. Siemens Financial Services and Associated Bank, N.A. acted as managing agents and lenders.
The financing supports Aypa’s Vidal project, a hybrid facility combining 160 MW of solar generation with a 160 MW / 640 megawatt-hour (MWh) battery energy storage system (BESS). Once operational, Vidal will provide dispatchable clean energy to bolster grid reliability across California and support the state’s goal of achieving 100% carbon-free electricity by 2045.
“Closing this large financing for the Vidal project reflects the strong confidence top-tier lenders have in Aypa Power’s ability to deliver grid-scale assets that generate compelling, long-term returns. We appreciate the trust of our lender group as we scale investments to meet California’s growing grid reliability needs.”
– Marc Atlas, Chief Financial Officer at Aypa Power.
The Vidal project, slated to come online in 2026, will provide electricity, resource adequacy, and renewable energy certificates to San Diego Community Power under a long-term power purchase agreement. The project is expected to generate more than $13.5 million in local economic benefits and create up to 260 construction jobs in San Bernardino County.
About Aypa Power
Aypa Power, a Blackstone portfolio company, is North America’s leading energy storage-focused independent power producer. Aypa develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. With 35 projects currently in operation or under construction and a development pipeline exceeding 22 gigawatts, the company delivers solutions that enhance grid reliability and enable the broader integration of renewable energy resources. Since launching its first project in 2018, Aypa has helped establish energy storage as a vital part of the grid and a core infrastructure asset class.
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