Aypa Power, a Blackstone portfolio company specialising in utility-scale energy solutions, has reached financial close on $535 million in debt financing for the development of its Vidal solar-plus-storage project in California. Located in San Bernardino County, the hybrid facility is set to strengthen grid reliability across the state while supporting its target of 100% carbon-free electricity by 2045.
The Vidal Project: A Hybrid Solar and Storage Facility
The Vidal project is a 320-megawatt (MW) hybrid energy facility that will combine 160 MW of solar generation with a 160 MW / 640 megawatt-hour (MWh) battery energy storage system (BESS). Once complete, the facility will provide dispatchable renewable energy to the grid — allowing stored solar power to be released during peak demand periods.
Construction of the Vidal project is expected to create up to 260 jobs in San Bernardino County. In addition to direct employment, the project will generate an estimated $13.5 million in local economic benefits throughout the construction period. These contributions will support regional infrastructure, supply chains, and workforce development linked to California’s clean energy transition.
The project is scheduled to come online in 2026. It is backed by a long-term power purchase agreement with San Diego Community Power, under which it will deliver not only electricity but also resource adequacy and renewable energy certificates.
Lenders and Project Finance Structure
The financial close was led by Santander Corporate & Investment Banking, which acted as Coordinating Lead Arranger, Green Loan Coordinator, and Lender. U.S. Bank National Association (through its U.S. Bancorp Impact Finance subsidiary) and Zions Bancorporation, N.A. served as Mandated Lead Arrangers and Lenders, while Siemens Financial Services and Associated Bank, N.A. joined as Managing Agents and Lenders.
Marc Atlas, Chief Financial Officer at Aypa Power, commented:
“Closing this large financing for the Vidal project reflects the strong confidence top-tier lenders have in Aypa Power’s ability to deliver grid-scale assets that generate compelling, long-term returns. We appreciate the trust of our lender group as we scale investments to meet California’s growing grid reliability needs.”
A Model for Future Hybrid Infrastructure
The financial close of the Vidal project highlights a growing shift toward hybrid renewable energy systems that combine solar power with large-scale battery storage. These configurations allow for more flexible and reliable energy delivery, enabling renewable energy to be stored during periods of high generation and dispatched during peak demand.
For jurisdictions like California — where grid stability, decarbonisation, and electrification are key policy drivers — this type of hybrid infrastructure will likely play a central role in future energy planning.
Related Project and News – BESS and Energy Projects
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- Copenhagen Infrastructure Partners (CIP) reaches FID for two 500MW BESS in Scotland
- Kiewit and Quanta Awarded $1.7B Contract to Build Grain Belt Express in U.S.
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