Aypa Power, a company within the Blackstone portfolio, and Six Nations of the Grand River Development have secured approximately C$700m ($512m) in financing for two major battery energy storage systems (BESS) in Ontario, Canada.
The projects, known as the Elora and Hedley BESS initiatives, aim to enhance Ontario’s electricity reliability by providing additional capacity resources.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Located in Centre Wellington Township and Haldimand County, respectively, the Elora and Hedley projects are scheduled to become operational by mid-2027.
The BESS projects were selected in 2025 through the Independent Electricity System Operator’s Long-Term 1 (LT1) competitive procurement process.
This initiative is part of Ontario’s strategy to ensure long-term electricity reliability and resource adequacy.
With a combined installed capacity of 422MW/1.69GWh, these projects are said to be among the largest battery storage commitments under the LT1 programme.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAypa Power CEO Moe Hajabed said: “This financing reflects the strength of Aypa’s platform and our disciplined approach to developing and executing complex energy infrastructure projects.
“Ontario has long been a core market for Aypa, and we are pleased to advance the Elora and Hedley projects alongside Six Nations of the Grand River Development Corporation to support the long-term resilience of the province’s power system.”
The funding was obtained through a syndicate of eight international and domestic banks, with Canadian Imperial Bank of Commerce (CIBC) acting as left lead arranger and Sumitomo Mitsui Banking Corporation, Canada Branch serving as right lead arranger.
CIBC Capital Markets Corporate Banking managing director Nirushan Thambirajah said: “CIBC is proud to have played a leading role in the structuring and execution of this financing for the Elora and Hedley projects.
“This transaction highlights the continued maturation of energy storage as [a] core infrastructure asset class and reflects our continued commitment to delivering tailored capital solutions that strengthen grid reliability and support flexible capacity resources across Canada.”
Other financial institutions involved include Desjardins Group, Industrial and Commercial Bank of China (Canada), National Bank of Canada, Royal Bank of Canada (also administrative agent), Siemens Financial Services and Société Générale as joint lead arrangers.
The financing package includes a combination of construction-to-term loan facilities, investment tax credit bridge loans and letter of credit facilities.
In May 2025, Aypa Power secured $535m in debt financing for a 320MW solar-plus-storage project in San Bernardino County, California, US.
