Aypa Power, a Blackstone subsidiary specializing in large-scale energy storage and renewable energy projects in North America, announces the securing of USD 323 million for its energy storage project in Kuna, Idaho.
This 150 megawatt (MW) / 600 megawatt-hour (MWh) project will be the largest in the state when it becomes operational in mid-2025.
Project financing
The financing includes a 233 million USD green loan, covering a construction and term loan, a tax credit bridging loan and a letter of credit facility.
In addition, the project secured USD 90 million in tax credits, bringing the total to USD 323 million.
ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Limited, New York Branch, are leading the debt financing, with Deutsche Bank Trust Company Americas as administrative agent and U.S. Bank as depositary and collateral agent.
Partners and leadership
U.S. Bank subsidiary U.S. Bancorp Impact Finance led the investment in tax credits. Moe Hajabed, CEO of Aypa Power, underlines the importance of these investments for the large-scale deployment of energy storage technologies, essential to the energy transition.
Economic and social impact
The Kuna project entered into a long-term energy storage agreement with Idaho Power in April 2023.
Scheduled to meet Idaho’s capacity needs in 2025, it is expected to create over 150 prevailing wage jobs during peak construction and generate around USD 30 million in local economic development over its operational life.
Sector outlook
The Kuna project represents a key step in supporting Idaho’s clean energy portfolio. It meets the state’s growing energy needs, including those of data centers and other industrial users, while stabilizing the power grid with a reliable, sustainable source. This initiative could serve as a model for other similar projects across the United States, demonstrating the importance of public-private partnerships and capital investment in renewable energy and energy storage.
Aypa Power’s announcement of secured financing for the Kuna project underscores a significant step forward in the adoption of energy storage technologies, facilitating the transition to a cleaner, more sustainable energy future.
