Aypa Power, a Blackstone portfolio company, has closed a $190 million financing package for its Bypass Battery Energy Storage System (BESS) project in Fort Bend County, Texas.
The 200 MW / 400 MWh project is designed to address the region's capacity needs and strengthen Texas' role as a leader in grid storage.
The financing includes a $68 million Construction-to-Term Loan, $91 million Tax Equity Bridge Loan (TEBL), and $31 million in Letters of Credit. Morgan Stanley Renewables Inc. provided $94 million in tax equity financing through a hybrid partnership flip structure.
The project benefits from a long-term offtake agreement and is expected to create hundreds of jobs during construction, with approximately $20 million in tax revenue over its operational life.
Bill Nguyen, EVP of Finance at Aypa Power, emphasized the project’s significance as one of the first fully contracted energy storage projects in ERCOT, showcasing innovative financing and strong partnerships.
