Aypa Power, a developer, owner, and operator of utility-scale energy storage and hybrid renewable energy projects throughout North America, has obtained $323 million in funding for its Kuna project.
Situated in the City of Kuna, near Boise, this 150 MW/600 MWh facility is set to become the largest battery energy storage system in Idaho upon its completion in mid-2025.
Financing Structure: Green Loan and Tax Equity
Aypa’s secured financing package consists of a $233 million green loan, encompassing construction and term loans, a tax equity bridge loan, and a letter of credit facility. Additionally, the project has secured $90 million in tax equity, totaling $323 million in financing.
Leading Financial Institutions Involved
The debt financing was spearheaded by ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Ltd, New York Branch, with each acting as a Coordinating Lead Arranger and Lender.
Deutsche Bank Trust Company Americas serves as the Administrative Agent, while US Bank fulfills the roles of Depositary and Collateral Agent. The tax equity investment was led by US Bank subsidiary, US Bancorp Impact Finance.
CEO’s Statement on Significance of Investment
Moe Hajabed, CEO of Aypa Power, emphasized the importance of this investment, saying, “Bold capital investments like this enable the scaled deployment of battery energy storage technology and make the energy transition possible.
Bringing Idaho’s largest battery energy storage project online will be a significant milestone in supporting the state’s robust clean energy portfolio.
The Kuna project ensures that communities benefit from sustainable and reliable power – crucial as the state experiences significant economic development and unprecedented energy demand from data centers and other industrial users.”
Agreement with Idaho Power and Project Impact
In April 2023, Aypa, through the Kuna BESS LCC, secured a long-term energy storage agreement with Idaho Power for the Kuna project.