Aypa Power and Six Nations of the Grand River Development Corporation have secured approximately $700 million in financing for two large battery energy storage projects in Ontario.

The financing will support the Elora and Hedley Battery Energy Storage System (BESS) projects, which together will provide 422 megawatts (MW) and 1,688 megawatt-hours of installed capacity. The projects were awarded contracts in 2025 through the Independent Electricity System Operator’s Long-Term 1 (LT1) competitive procurement program, aimed at securing new capacity to support Ontario’s long-term electricity reliability.

An eight-bank syndicate of international and Canadian lenders provided the financing package, which includes construction-to-term loan facilities, investment tax credit bridge loans and letters of credit facilities. The syndicate was led by Canadian Imperial Bank of Commerce as left lead arranger and Sumitomo Mitsui Banking Corporation’s Canada branch as right lead arranger. Co-ordinating lead arrangers included Desjardins Group, National Bank of Canada, Royal Bank of Canada — which is also serving as administrative agent — and La Société Générale. Industrial and Commercial Bank of China (Canada) and Siemens Financial Services acted as joint lead arrangers.

“This financing reflects the strength of Aypa’s platform and our disciplined approach to developing and executing complex energy infrastructure projects,” said Moe Hajabed, Austin, Texas-based Aypa’s CEO. “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 Elora and Hedley facilities will be located in Centre Wellington Township and Haldimand County and are expected to begin commercial operations in mid-2027. The projects represent one of the largest battery-storage commitments under the LT1 program.

“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 and CEO of SNGRDC. “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.”

The company manages the Six Nations community’s economic interests in 28 energy projects and numerous economic-development opportunities in and around the Six Nations territory. The firm’s current energy portfolio comprises 2.5 gigawatts (GW) of capacity through its direct or indirect involvement in five battery-storage, seven solar, and 14 wind project. Located on the Six Nations territory, SNGRDC averages 100 employees.

A subsidiary of Blackstone, Aypa Power develops, owns, and operates utility-scale energy-storage and hybrid renewable-energy projects across North America, with 42 projects currently in operation or under construction. The firm’s development pipeline exceeds 22 GW.

Pictured: Future Hedley battery-storage project in Ontario.

Rendering: Six Nations