Aypa Power, a portfolio company of Blackstone and a key player in utility-scale energy storage and hybrid renewable energy development, has secured \$535 million in debt financing for its upcoming solar-plus-storage project in San Bernardino County, California. The financing package will support the development of the Vidal project, a 320-megawatt (MW) hybrid facility combining 160 MW of solar generation with a 160 MW / 640 megawatt-hour (MWh) battery energy storage system.
Several financial institutions played pivotal roles in this transaction. Santander Corporate & Investment Banking acted as the 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 division, along with Zions Bancorporation, N.A., served as Mandated Lead Arrangers and Lenders. Siemens Financial Services and Associated Bank, N.A. participated as Managing Agents and Lenders.
Marc Atlas, Chief Financial Officer at Aypa Power, mentioned, “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.”
The Vidal project is expected to be operational by 2026 and will deliver dispatchable clean energy to San Diego Community Power through a long-term power purchase agreement. This initiative is set to contribute to California’s clean energy targets by improving grid reliability and supporting the state’s objective of achieving 100% carbon-free electricity by 2045.
In addition to its environmental impact, the project is also anticipated to bring substantial economic benefits to the region, including more than \$13.5 million in local economic activity and the creation of up to 260 construction jobs in San Bernardino County. Aypa Power’s continued investments in clean energy infrastructure underscore its commitment to accelerating the energy transition while supporting local communities.
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