Aypa Power has got $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 be Idaho’s largest battery energy storage project and will be online in mid-2025.
Furthermore, the financing package includes a $233 million green loan, which consists of a construction and term loan, a tax equity bridging loan, and a letter of credit facility. Additionally, the project received $90 million in tax equity, bringing the total funding to $323 million.
ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Limited, New York Branch led the debt financing, with Deutsche Bank Trust Company Americas acting as Administrative Agent and U.S. Bank serving as Depositary and Collateral Agent. U.S. Bancorp Impact Finance led the project’s tax equity investment.
The project is estimated to generate over 150 prevailing wage jobs during peak construction and over $30 million in local economic development over the project’s operational life. In April 2023, Aypa, through the Kuna BESS LCC, secured a long-term energy storage agreement with Idaho Power for the Kuna project.
