TORONTO, March 10, 2026 /CNW/ – Aypa Power, a Blackstone portfolio company and leading developer, owner, and operator of utility-scale energy storage and hybrid renewable energy projects, together with Six Nations of the Grand River Development Corporation, announced the successful close of approximately CA$700 million (US$512 million) in aggregate financing for the Elora and Hedley Battery Energy Storage System (BESS) projects in Ontario, Canada.
The financing was provided by an eight-bank syndicate of leading international and domestic lenders, led by Canadian Imperial Bank of Commerce (CIBC) as Left Lead Arranger and Sumitomo Mitsui Banking Corporation, Canada Branch as Right Lead Arranger. Coordinating Lead Arrangers also included Desjardins Group; National Bank of Canada; Royal Bank of Canada (also Administrative Agent); and Societe Generale, together with Industrial and Commercial Bank of China (Canada) and Siemens Financial Services as Joint Lead Arrangers. The financing package comprises construction-to-term loan facilities, investment tax credit bridge loans, and letters of credit facilities.
“This financing reflects the strength of Aypa’s platform and our disciplined approach to developing and executing complex energy infrastructure projects,” said Moe Hajabed, Chief Executive Officer of Aypa Power. “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.”
“We are proud to partner with Aypa Power on the Elora and Hedley energy storage projects and to reach this important financial milestone,” said Matt Jamieson, President & Chief Executive Officer of Six Nations of the Grand River Development Corporation. “These projects reflect our commitment to investing in infrastructure that delivers long-term economic value for our community while contributing to the reliability and sustainability of Ontario’s electricity system.”
“CIBC is proud to have played a leading role in the structuring and execution of this financing for the Elora and Hedley projects,” said Nirushan Thambirajah, Managing Director, Corporate Banking, at CIBC Capital Markets. “This transaction highlights the continued maturation of energy storage as 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.”
The Elora and Hedley BESS projects were awarded contracts in 2025 under the Independent Electricity System Operator’s Long-Term 1 (LT1) competitive procurement, a province-wide initiative to secure new capacity resources in support of Ontario’s long-term electricity reliability and resource adequacy needs. With a combined installed capacity of 422 megawatts (MW) / 1,688 megawatt-hours (MWh), the projects represent one of the largest battery storage commitments under the LT1 program and will play an important role in strengthening the reliability and flexibility of Ontario’s power system.
The Elora and Hedley BESS projects, located in Centre Wellington Township and Haldimand County, respectively, are scheduled to commence commercial operations in mid-2027.
