On July 23, 2024, Aypa Power (Aypa), a Blackstone portfolio company, closed a $650 million (approximately CAD 870 million) corporate credit facility, encompassing letters of credit, a revolver, and a term loan. This replaced the company's existing $320 million (approximately CAD 428 million) facility. The transaction, reflecting strong market confidence, was led by Apterra Infrastructure Capital LLC, Banco Santander S.A., ING Capital LLC, Nomura Securities International, Inc., Société Générale, and Sumitomo Mitsui Banking Corporation as Coordinating Lead Arrangers, Bookrunners, and Green Loan Coordinators.

The new facilities included a $350 million (approximately CAD 469 million) LC facility, a $100 million (approximately CAD 134 million) revolver, and a $200 million (approximately CAD 268 million) term loan, totaling $650 million (approximately CAD 870 million). This refinancing provided Aypa with capital to support business expansion and project development across the U.S. and Canada.

Marc Atlas, CFO of Aypa Power, emphasized the facility's backing by a 22 gigawatt pipeline of assets in various stages, which featured robust long-term contracted cash flows. CEO Moe Hajabed highlighted Aypa's leading role in energy storage since 2018 and stated that the new funding would accelerate their pipeline, aiming to deliver over 3 gigawatts of battery storage and hybrid clean energy projects in the next 24 months across the U.S. and Canada.

Kirkland & Ellis LLP served as legal counsel for Aypa, with PEI Global Partners as financial advisor. Norton Rose Fulbright US LLP advised the lenders.