Milbank LLP represented the arrangers and lenders, including MUFG, Nomura, National Bank of Canada and First Citizens Bank, in connection with a $350 million financing facility for the development and construction by Aypa Power of the Borden Project – an approximately 150 MW / 330 MWh battery energy storage facility located in Borden County, Texas and the Cald Project – an approximately 100 MW / 440 MWh battery energy storage facility located in Los Angeles County, California. The transaction closed on Oct. 23.
Aypa Power develops, builds and operates utility-scale energy storage and renewable energy projects in markets across North America and is a portfolio company of Blackstone.
“We are pleased to play a part of this groundbreaking financing which is one of the first of many standalone battery energy storage projects involving full tax equity participation and mechanics relevant to tax credit transferability due to the Inflation Reduction Act” said Global Project, Energy and Infrastructure Finance practice group leader Daniel J. Michalchuk. The Milbank team was led by Mr. Michalchuk and Global Project, Energy and Infrastructure Finance partner William B. Bice and by special counsel Micaela McLean. The team also included associates Sharanyaa Kruti Vasan, Upasana Guha Niyogi and Danielle Holit-Gsell.
