Apterra Infrastructure Capital, an infrastructure finance platform backed by Apollo Global Management, has joined a group of lenders in a $650m (€599m) financing for Blackstone portfolio company, Aypa Power.
Apterra, together with financial institutions Banco Santander, ING Capital, Nomura Securities International, Société Générale and Sumitomo Mitsui Banking Corporation, have provided the corporate credit facility to the North American renewable-energy projects firm.
Aypa said the new facility – which replaces its existing $320m facility – will provide it with the necessary capital to support its ongoing business expansion and the advancement of its project pipeline across the US and Canada.
Aypa builds, owns and operates utility-scale energy storage and hybrid renewable-energy projects. The company currently has more than 22GW in development across North America.
Marc Atlas, chief financial officer of Aypa Power, said: “This facility, backed by a 22GW pipeline of assets in development, construction, and operations, featuring robust long-term contracted cash flows, enhances our ability to lead the market in deploying battery storage and hybrid renewable-energy systems.”
Moe Hajabed, CEO of Aypa Power, said: “This facility highlights our exceptional performance and the unwavering trust of our financial partners.
“We have been at the forefront of energy storage since our first project came online in 2018. With this new funding, we are positioned to accelerate our pipeline and deliver on a backlog of over 3GW of cutting-edge battery storage and hybrid clean-energy projects in the next 24 months.”
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