Blackstone-Backed Aypa Power Secures $512M Financing for Major Ontario Battery Storage Projects
Aypa Power, a portfolio company of Blackstone, and the Six Nations of the Grand River Development Corporation have secured about CA$700 million (US$512 million) in financing for two major battery energy storage system (BESS) projects in Ontario — the 250 MW Elora and 172 MW Hedley facilities.
The financing includes construction-to-term loans, investment tax credit bridge loans, and letters of credit, provided by an eight-bank syndicate. CIBC led the deal as Left Lead Arranger alongside Sumitomo Mitsui Banking Corporation, with additional roles filled by Desjardins Group, National Bank of Canada, RBC (also administrative agent), Société Générale, Industrial and Commercial Bank of China (Canada), and Siemens Financial Services.
“Ontario has long been a core market for Aypa,” said Moe Hajabed, CEO of Aypa Power. “We’re proud to advance these projects with Six Nations to strengthen the province’s grid.”
SNGRDC President and CEO Matt Jamieson said the projects create lasting economic value for the Six Nations community while supporting Ontario’s clean energy transition.
Awarded under the Independent Electricity System Operator’s Long-Term 1 procurement in 2025, the Elora and Hedley projects total 422 MW / 1,688 MWh. Both are slated to begin commercial operations by mid-2027.