Aypa Power, a Blackstone-owned battery storage developer, has secured $398 million in financing for its Pediment storage project in Mesa, Arizona.
The 250 MW/1,000 MWh facility will operate under a 20-year tolling agreement with Salt River Project, ensuring reliable and flexible energy storage for the Phoenix area.
The deal was led by Societe Generale, ING Capital, and Bank of America, alongside other key lenders.
With rising power demand, projects like Pediment are needed to stabilize the grid as we transition to cleaner energy sources.
