Aypa Power Closes $1.5B Storage Warehouse Facility
Asset-Based Lending And Warehouse Facilities

Aypa Power Closes $1.5B Construction Warehouse Facility for Utility-Scale Storage

Aypa Power announced the closing of a $1.5 billion construction warehouse revolving credit facility with an additional $0.5 billion accordion feature. The company positioned the facility as a core funding source for utility-scale energy storage projects expected to reach commercial operation through 2028. The announcement is publicly available via PR Newswire , with issuer background available on aypa.com.

Deal snapshot: a three-year construction warehouse revolver sized at $1.5B, expandable by $0.5B via an accordion option. The structure is designed to finance a construction pipeline, rather than arranging a separate financing for each individual site.

What This Facility Is

A Construction Warehouse Revolver

A construction warehouse facility is a portfolio funding structure that allows a sponsor to finance multiple projects under a repeatable eligibility and monitoring framework. In practice, this format can reduce execution friction across a pipeline by standardizing diligence, documentation, and reporting.

An Accordion for Pre-Agreed Upsize Capacity

The accordion feature is a contractual mechanism that can allow commitments to increase if stated conditions are satisfied. It is commonly used to preserve scalability without rebuilding the entire facility each time the pipeline expands.

Participants and Roles Disclosed

The announcement attributes specific functions across administration, collateral, deposits, structuring, and green loan coordination. In warehouse-style facilities, these roles matter because collateral governance, reporting cadence, and account control discipline shape the facility’s practical usability.

Role Institutions Named Why It Matters in a Warehouse Structure
Administrative Agent and Collateral Agent Canadian Imperial Bank of Commerce, New York Branch Sets the operational framework for draws, monitoring, collateral administration, and enforcement mechanics.
Depositary Agent U.S. Bank National Association Supports the account architecture and cash handling framework referenced in facility documentation.
Lead Structuring Agents, Left Lead Arrangers, Coordinating Lead Arrangers, Green Loan Coordinators CIBC, New York Branch and Wells Fargo Signals who designed the structure and managed syndication mechanics, including sustainability labeling processes.
Coordinating Lead Arrangers Banco Santander (NY Branch), BNP Paribas, ING Capital LLC, Natixis (NY Branch), Royal Bank of Canada (NY Branch), Société Générale Represents the core underwriting and syndication leadership group supporting the platform facility.
Joint Lead Arrangers, Mandated Lead Arranger Bank of America, Desjardins, ICBC (NY Branch), KeyBanc Capital Markets, National Bank of Canada, PNC Capital Markets, Standard Chartered, U.S. Bank, Zions; Regions Bank as MLA Shows breadth of lender participation, which can support capacity, stability, and future expansion.

Why This Matters for Warehouse and Asset-Based Lending Markets

  • Warehouse is expanding beyond classic receivables and mortgage origination. This is warehouse logic applied to a construction pipeline.
  • Portfolio funding reduces per-asset transaction cost. When eligibility and reporting are standardized, assets can be onboarded faster with less bespoke negotiation.
  • Syndicated participation signals bank appetite. A broad lender group suggests storage is being treated as a repeatable, financeable asset class at scale.
  • Green loan coordination is becoming standard. The facility includes explicit green loan coordinator roles, which aligns with market frameworks such as the Green Loan Principles.

What to Watch Next

Takeout Pathway

Warehouse facilities still require a credible exit plan. For construction assets, that can include term project debt, refinancings at COD, asset sales, or other permanent capital solutions. The tighter the takeout plan, the lower the refinancing pressure on the revolving facility.

Eligibility, Milestones, and Controls

Facility performance is shaped by eligibility rules for asset onboarding, draw conditions, reporting frequency, and collateral package discipline. This is where warehouse structures operate as control systems rather than headline numbers.

Execution Risk During Construction

Utility-scale storage timelines are influenced by interconnection, permitting, equipment delivery, and EPC execution. Lenders will track milestone certainty and contingency buffers because slippage consumes liquidity.

Repeatability at Scale

The facility is positioned as a platform. Repeatability depends on standardized underwriting packages, consistent reporting, and predictable construction governance across the portfolio.

Disclaimer: This page is for general information only and does not constitute financial, legal, or investment advice. It is not an offer or solicitation. Third-party links are provided for reference.