Aypa Power has secured $535 million in debt financing to support the development of its Vidal hybrid renewable energy project, located in San Bernardino County, California. The project comprises a 160 MW solar facility co-located with a 160 MW/640 MWh battery energy storage system (BESS). The project is scheduled to become operational in 2026.
Furthermore, the project will supply electricity, resource adequacy, and renewable energy certificates (RECs) to San Diego Community Power under a long-term power purchase agreement (PPA). It is expected to deliver over $13.5 million in local economic value and generate up to 260 construction jobs in the region.
The financing package was led by Santander Corporate & Investment Banking, which acted as Coordinating Lead Arranger, Mandated Lead Arranger, Green Loan Coordinator, Lender, and Letter of Credit Issuer. Additional Mandated Lead Arrangers and Lenders included U.S. Bank National Association and Zions Bancorporation, N.A. Siemens Financial Services and Associated Bank, N.A. participated as Managing Agents and Lenders.
In August 2024, Aypa Power secured $323 million in financing for its Kuna project. The Kuna project is a 150 MW/600 MWh facility situated in the City of Kuna just north of Boise. It will reportedly be Idaho’s largest battery energy storage project and will be online in mid-2025.
REGlobal’s Views: California has a significant share of intermittent renewable energy in its grid. Thus, solar plus energy storage can help provide firm and dispatchable renewable energy to the grid and help the state in maintaining grid reliability.
