Aypa Power, a Blackstone company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, said it closed $320 million of letter-of-credit and revolving credit facilities led by Banco Santander, Investec, and Nomura as coordinating lead arrangers and joint bookrunners. 

The facility is intended to support the development and commercialization of Aypa’s 15 GW project pipeline across North America.

The facilities include a $250 million letter of credit facility and a $70 million revolving credit facility. They are expected to provide Aypa with development capital and credit support to secure obligations relating to power purchase agreements and other revenue contracts, as well as interconnection agreements.

Aypa said it plans to deliver more than 1.5 GW of battery storage and hybrid projects to notice-to-proceed in the next 24 months.