Aypa Power wins $1.5B warehouse loan to accelerate U.S. utility-scale battery buildout

Aypa Power announced closure of a $1.5 billion construction warehouse facility, plus a $0.5 billion optional expansion, that will serve as the primary source of construction capital for its utility-scale energy storage portfolio. The facility is structured as a revolving construction warehouse with a three-year tenor and is intended to fund projects scheduled to reach commercial operation through 2028. A consortium of global and regional banks led the transaction, taking formal roles that include structuring, arranging, and green loan coordination, which underlines institutional appetite for storage-focused project finance. The deal represents a milestone in capital markets for independent power producers that concentrate on battery storage, moving beyond single-asset financings toward portfolio-level construction funding. For Aypa, the facility reduces project-by-project execution risk by centralizing construction liquidity and enabling faster deployment of shovel-ready assets. For lenders, the structure provides exposure to a diversified development portfolio rather than to one project, which helps distribute construction and offtake risks across multiple assets. The three-year tenor aligns with Aypa’s near-term commercialization schedule and gives the company runway to convert development-stage projects into revenue-generating assets. Market implications include a potential template for other storage developers to access warehouse financing at scale and an expectation of increased participation from commercial banks in the sector. The use of dedicated green coordination roles in the syndicate signals that environmental attributes and reporting will be material to future financings. While this facility does not address long-term asset-level financing or merchant revenue volatility, it meaningfully de-risks the construction phase and should accelerate capacity additions tied to grid reliability needs. Counterparties retain normal construction and completion conditions, so execution discipline will determine how much of the accordion is ultimately drawn. Overall, the transaction tightens the bridge between development pipelines and operational storage fleets and could compress timelines for bringing large battery projects online across U.S. markets.