Private equity firm Blackstone has owned the developer since 2020, when it was known as NRStor C&I. At that time, NRStor C&I was a subsidiary of Toronto, Canada-headquartered energy storage developer NRStor, which has since gone on to participate as a joint development partner in Oneida Energy Storage, Canada’s biggest BESS project at 250MW/1,000MWh.
The new owner rebranded it as Aypa Power later that year, changing its focus from the commercial and industrial (C&I) market segment referenced in the name and shifting from an energy-as-a-service business model to utility-scale battery energy storage system (BESS) development.
Since then, Aypa Power has been prolific in raising financing and securing contracts for its projects. In 2023, it secured a US$320 million credit line to advance interconnection and contractual negotiations, signed two big supply deals with Canadian Solar for projects in California and Texas and secured a further US$550 million in debt and tax equity financing for 700MWh of projects in those two states just before the year’s end.
It has largely continued in a similar vein since then, signing a 2.1GWh agreement with Canadian Solar and progressing a 1,200MWh build, own and operate project for utility Santee Cooper in South Carolina in late 2025. Aypa Power then started 2026 by closing a US$1.5 billion credit facility for US projects, closed US$512 million financing for two projects in Ontario in March and most recently brought a 1GWh project in Arizona into commercial operation a few weeks ago.
