Battery energy storage IPP Aypa Power hired Cantor Fitzgerald and Bank of America Securities to run an auction process, said sources familiar with the situation.

Teasers were distributed to the market earlier this month.

Aypa forecasted long-term run-rate EBITDA growth, particularly as a number of its contracted projects were forecasted to come online in the next two years.

Bank of America declined to comment on the situation. Aypa and Cantor did not return calls seeking comment.

NPM first reported in July 2025 that Aypa’s sponsor Blackstone had been showing the platform to external investors. Then a media report circulated last month that Cantor had been hired to run a strategic review of the business.

Aypa forecasted that its paired Vidal project in San Bernandino County, California, fully contracted to San Diego Community Power, and its 250 MW/1,000 MWh Pediment battery energy storage project in Mesa, Arizona, under a full 20-year tolling agreement with Salt River Power, would both come online later this year.

Behind this, NPM Interconnection queue data is tracking seven pre-operational storage and hybrid projects that reached an advanced stage in the 12 months prior to May 2025.

Included in this were two CAISO projects, 400 MW Marici and 100 MW Gabriel, which the California Public Utilities Commission (CPUC) cleared their respective mid-term reliability (MTR) contracts with Pacific Gas & Electric in April 2025. Both projects are forecasting CODs in 2027.

On the corporate side, Aypa announced earlier this month it closed a USD 1.5bn construction warehouse revolving credit facility with a USD 0.5bn accordion feature to fund future utility-scale energy storage projects through 2028. Separately, Aypa upsized a pre-NTP facility to USD 1.05bn in May 2025.