Aypa Power

What Aypa Power does

Aypa Power is a Blackstone Energy Partners portfolio company that develops, owns, and operates utility-scale battery energy storage systems (BESS) and hybrid renewable energy projects across North America. Founded in 2018 as NRStor C&I and rebranded under Blackstone ownership in August 2020, the company has built a development pipeline exceeding 22 GW across 33-42 projects in operation or construction in the United States and Canada. Core technology centers on lithium iron phosphate (LFP) battery storage systems paired with proprietary AI-based peak prediction and value stack optimization algorithms managed from remote operations centers (ROCs).

The company generates revenue through long-term power purchase agreements (PPAs), tolling agreements, and merchant exposure on grid services including energy arbitrage, capacity payments, and ancillary services. Named utility customers include Salt River Project (Arizona), Idaho Power, San Diego Gas & Electric, and Santee Cooper, with a co-development partnership with Six Nations of the Grand River Development Corporation in Ontario. The company also offers behind-the-meter storage solutions to commercial and industrial customers via an Energy Storage as a Service model requiring no upfront capital outlay.

Aypa's go-to-market is direct enterprise sales targeting utilities, municipalities, cooperatives, and large corporate customers, with project pipelines financed through a series of debt facilities backed by syndicates of major banks (CIBC, Wells Fargo, Nomura, Société Générale, ING Capital, BNP Paribas, MUFG, SMBC, and others). Cumulative disclosed debt financings exceed $5 billion, including a $1.55B corporate credit facility and a $1.5B warehouse revolving credit facility — both described as the largest transactions of their kind in the energy storage sector.

Name

Aypa Power

Legal name

Aypa Power LLC

Website

https://aypa.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Aypa Power is a Blackstone-backed independent power producer that develops, owns, and operates utility-scale battery energy storage systems (BESS) and hybrid renewable projects across North America, serving utilities, municipalities, cooperatives, and large corporates through long-term PPAs and tolling agreements.

Ownership category

akta.pro rank

Product category

Utility-Scale Energy Storage

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric, Gas & Sanitary Services (4900), Electric Services (4911)

akta.pro primary industry

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)

akta.pro secondary industries

BESS Operations, Maintenance & Asset Performance Management (APM) (EUAFAAAG), BESS Financing, Insurance & Contracting (Tax Equity, PPA/Tolling, Warranties) (EUAFAAAI), Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB)

Keywords

• Utility-scale battery storage
• Independent power producer
• Renewable energy projects
• Grid-scale energy storage
• Hybrid renewable energy

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Energy Storage Project Development and Ownership: Aypa develops, builds, owns, and operates utility-scale battery energy storage and hybrid renewable energy projects. Revenue is generated through long-term power purchase agreements (PPAs), tolling agreements, and merchant exposure, providing contracted and uncontracted cash flows from grid services including capacity, energy arbitrage, and ancillary services.
2. Energy Storage as a Service: Provides turn-key battery storage solutions to commercial and industrial customers without requiring capital outlay from the customer. Revenue is generated through energy cost savings passed through to customers and grid services revenue.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Aypa Power develops, owns, and operates utility-scale battery energy storage systems (BESS) and hybrid renewable energy projects across North America. Projects typically range from 100 MW to 300+ MW and are delivered through long-term power purchase agreements (PPAs), tolling agreements, and merchant arrangements to utilities, municipalities, cooperatives, and large corporate customers. The company also provides behind-the-meter turn-key storage solutions for commercial and industrial customers on a no-capital-outlay basis.

Product overview

Aypa Power operates as a developer, owner, and operator of utility-scale energy storage and hybrid renewable energy projects across North America. The company's product portfolio centers on two core offerings: standalone utility-scale battery energy storage systems (BESS) ranging from 100 MW to 300+ MW with corresponding MWh capacity, and hybrid renewable projects that pair battery storage with solar and/or wind generation. Additionally, the company offers behind-the-meter storage solutions for commercial and industrial customers requiring no upfront capital. Projects are structured through power purchase agreements (PPAs), tolling agreements, and merchant arrangements, serving utilities, municipalities, cooperatives, and corporate customers. Notable projects in the portfolio include the Kuna BESS in Idaho (150 MW/600 MWh), Borden County BESS in Texas (150 MW/300 MWh), Cald BESS in Los Angeles (100 MW/400 MWh), Pediment BESS in Arizona (250 MW/1,000 MWh), Elora and Hedley BESS in Ontario (422 MW/1,688 MWh combined), and the Pinopolis Reliability Project in South Carolina (300 MW/1,200 MWh).

Differentiator

Problem solved

Functional benefit

Products and services

• Utility-Scale Energy Storage Projects (BESS) Large-scale standalone battery energy storage systems ranging from 100 MW to 300+ MW with storage capacity from 400 MWh to 2,000+ MWh, providing grid reliability, capacity support, and renewable energy integration. Delivered through power purchase agreements (PPAs), tolling agreements, and merchant arrangements to utilities, municipalities, cooperatives, and large corporate customers.
• Hybrid Renewable Energy Projects Integrated energy projects combining battery storage with renewable generation sources such as solar and wind to deliver reliable, dispatchable clean energy. Part of Aypa's 22+ GW development pipeline across North America.
• Behind-the-Meter Storage Solutions Turn-key battery storage solutions provided to commercial and industrial customers on a no-capital-outlay basis, using proprietary AI-based peak prediction algorithms in remote operations centers to automatically dispatch battery systems and maximize energy cost savings.

Quantifiable outcome

• 82% carbon intensity reduction target for utility customers by 2035
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core, minor and legacy.

• Six Nations of the Grand River Development CorporationcoreStrategic or Co-development PartnerJoint development partnership for battery energy storage projects in Ontario, Canada. The Elora and Hedley BESS projects (422 MW / 1,688 MWh combined) were selected through Ontario's Independent Electricity System Operator procurement and are co-developed with Six Nations, generating economic benefits for the Indigenous community.
• Eolian, L.P.coreStrategic or Co-development PartnerEolian is a long-term development partner from which Aypa has acquired multiple projects including Williams, Fletcher, and Cald. Eolian owns and operates energy storage projects and invests in development teams. Eolian is owned by employees and funds managed by Global Infrastructure Partners (GIP).
• Open Road Renewables, LLCcoreStrategic or Co-development PartnerJoint venture partner with Eolian in Blue Steel Power, LLC for development of Williams and Fletcher energy storage projects in Indiana. Open Road is one of the most experienced renewable energy development teams in the US with over 1.9 GWs under construction or operating.
• East Point EnergyminorStrategic or Co-development PartnerAypa acquired the Yadkins 100 MW standalone battery storage project from East Point Energy in Virginia. East Point continues to provide development services as needed to support the project.
• HoneywelllegacyStrategic or Co-development PartnerLegacy partnership from NRStor C&I days for the Experion Energy Program, developing 300 MW of behind-the-meter battery storage systems across the US and Canada. Honeywell provided battery systems, software solutions, and operational technologies. This was a first-of-its-kind collaboration in 2019.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Plus Power: Plus Power is a leading US independent power producer focused exclusively on standalone utility-scale battery energy storage. It competes head-to-head with Aypa for utility RFPs, has a multi-GW operating and development portfolio, and operates a similar long-term PPA / tolling business model.
• Hecate Energy: Hecate Energy is a privately-held US developer of utility-scale solar and battery energy storage projects. It pursues a comparable build-own-operate IPP model, targets the same utility off-takers, and maintains a multi-GW development pipeline across the US.
• Terra-Gen: Terra-Gen is a large US renewable IPP with utility-scale wind, solar, and battery storage assets. It directly competes with Aypa for utility PPAs and tolling agreements and operates a similar long-duration contracted cash flow business.
• Recurrent Energy: Recurrent Energy is the project development arm of Canadian Solar, focused on utility-scale solar and battery storage in North America. It pursues the same IPP strategy of build-own-operate with long-term PPAs and is a direct competitor in key US and Canadian markets.
• Arevon Energy: Arevon Energy is a US-based renewable energy developer and IPP with a multi-GW portfolio of solar and storage assets. It shares Aypa's IPP business model, pursues utility-scale PPAs, and directly competes in the same RFP markets.
• Cypress Creek Renewables: Cypress Creek Renewables is a US solar and storage developer with a multi-GW development pipeline. It competes for utility and C&I PPAs and overlaps significantly with Aypa in target customer segments and geographies.
• Longroad Energy: Longroad Energy is a US-based renewable energy developer, owner, and operator focused on utility-scale solar and battery storage. It pursues similar IPP economics through long-term PPAs and is a competing bidder for utility RFPs across North America.

Broad incumbents

• Clearway Energy Group: Clearway Energy is a publicly-traded, large-scale owner and operator of renewable and conventional generation and battery storage across the US. It has a multi-GW operating portfolio and competes with Aypa in utility-scale storage development and ownership.
• EDF Renewables: EDF Renewables is the North American renewable energy arm of EDF, developing and operating utility-scale wind, solar, and storage. It competes with Aypa for utility RFPs and operates across a broader renewable portfolio at much greater scale.
• ENGIE: ENGIE is a global utility and independent power producer with a significant North American renewable and battery storage development pipeline. It competes with Aypa for utility-scale PPAs and operates at far greater scale as part of a diversified energy business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds10 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aypa Power