Across three major transactions in early 2026, at least $2 billion in financing was recently announced, demonstrating the strength of energy storage as a core component of the U.S. power system.
Aypa Power
Aypa Power, a Blackstone portfolio company, announced the closing of a $1.5 billion construction warehouse revolving credit facility, with an additional $500 million accordion feature. The company said the first-of-its-kind transaction represents the largest warehouse financing executed for a storage-focused independent power producer (IPP).
The capital is expected to serve as the company’s principal funding source for utility-scale energy storage and hybrid renewable projects expected to reach commercial operation through 2028. Aypa currently has a development pipeline exceeding 22 GW across North America.
“This market-leading financing marks a significant milestone for Aypa Power and reflects the scale, quality, and readiness of our development portfolio,” said Moe Hajabed, chief executive officer of Aypa Power.
Canadian Imperial Bank of Commerce (CIBC) and Wells Fargo acted as lead structuring agents and green loan coordinators. The three-year facility includes a massive syndicate of lenders including Banco Santander, BNP Paribas, ING Capital, Natixis, Royal Bank of Canada, and Société Générale.
Jupiter Power
In a parallel move for the sector, Texas-based developer Jupiter Power closed a $500 million senior secured green revolving loan and letter of credit facility. The company said the funds will support the advancement of its project pipeline across the U.S.
Jupiter Power, which is backed by EnCap Investments, currently has over 1.4 GW of utility-scale battery energy storage systems (BESS) in operation or under construction. The new facility follows a trend of storage-focused IPPs moving toward flexible, portfolio-level debt structures rather than project-specific loans to speed up deployment.
PowerBank
PowerBank Corporation, a leader in North American energy infrastructure, announced it has entered into a loan agreement with NY Green Bank for an $8 million revolving credit facility. The company also secured $920,000 in mini-perm financing following the commissioning of its Geddes community solar and storage asset.
The company said it will use the debt financing to support activities across the development timeline, from grid interconnection deposits to equipment procurement.
Market outlook
The flurry of deals comes as energy storage continues to prove itself as a vital part of grid reliability. According to the North American Electric Reliability Corporation’s (NERC) recent 10-year reliability assessment, bulk power system capacity for peak demand hours from battery, wind, and solar resources increased by 23 GW between 2024 and 2025, while fossil-fueled generator capacity fell by 21 GW.
Furthermore, BloombergNEF’s 2025 Energy Storage Systems Cost Survey notes that turnkey battery storage system prices fell by 31% year-over-year to $117/kWh, making them increasingly competitive with traditional gas peaking plants. The U.S. Energy Information Administration (EIA) also forecasts that utility-scale battery capacity will more than double to reach 65 GW by the end of 2026, driven largely by the need to meet 100% of the growth in electricity demand during peak periods in markets like Texas and California.
“This financing demonstrates the growing importance of large-scale energy storage as a core component of the U.S. power system,” said Alok Garg, head of project and asset finance at Wells Fargo on the Aypa Power deal.
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