Aypa Power, a Blackstone portfolio company, has secured $190m in financing for its Bypass battery energy storage system (BESS) project in Fort Bend County in the US state of Texas.
The 200MW/400-megawatt hours (MWh) facility is expected to bolster the region’s storage capacity needs.
Go deeper with GlobalData
The financing package comprises a $68m construction-to-term loan and a $91m tax equity bridge loan, culminating in $159m for construction.
Letters of credit amounting to $31m have been issued, with $26m earmarked for the project’s specific requirements.
Morgan Stanley Renewables has pledged $94m in tax equity financing through a hybrid partnership flip structure.
SMBC, acting as administrative agent and green loan coordinator, has provided the financing, alongside Santander as coordinating lead arrangers and Siemens Financial Services as joint lead arranger.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe project’s financial viability is further enhanced by a long-term offtake agreement.
Aypa Power Finance executive vice-president Bill Nguyen stated: “This financing milestone highlights Aypa Power’s ability to deliver projects that set new standards in the market.
“As one of the first fully contracted energy storage projects in ERCOT, Bypass BESS demonstrates how innovative financing structures and strong partnerships can deliver critical infrastructure to meet the region’s growing power needs.”
The Bypass BESS initiative will deliver economic advantages to Fort Bend County by creating hundreds of jobs at the peak of construction and generating $20m in tax revenue throughout the project’s lifespan.
Morgan Stanley Renewable Energy Investments head Jorge Iragorri stated: “We are excited to partner with Aypa Power and Blackstone on this innovative ERCOT BESS project and continue building grid infrastructure for the growing electrification needs of the US.”
In 2024, Aypa Power secured $323m in financing for its Kuna project in Idaho, US.
The 150MW/600MWh facility, situated near Boise in the city of Kuna, will become Idaho’s largest battery energy storage project by mid-2025.
