Aypa Power, a Blackstone portfolio company, together with Six Nations of the Grand River Development Corporation (SNGRDC), has reached financial close for approximately $512 million to support the Elora and Hedley battery energy storage system (BESS) projects in Ontario, Canada. The financing package has been arranged through an eight-bank syndicate of international and domestic lenders. It includes construction-to-term loan facilities, investment tax credit bridge loans, and letters of credit facilities.

The Elora and Hedley BESS projects together will have a combined installed capacity of 422 MW/1,688 MWh. The Elora project is located in Centre Wellington township, while the Hedley project is situated in Haldimand county. Both projects are expected to begin commercial operations by mid-2027. They were awarded contracts in 2025 through the Independent Electricity System Operator’s Long-Term 1 competitive procurement programme. 

In May 2025, Aypa Power secured $535 million in debt financing for the Vidal solar-plus-storage project in San Bernardino county, California. The project will combine 160 MW of solar capacity with a 160 MW/640 MWh BESS and is expected to become operational in 2026. The financing was arranged with Santander Corporate & Investment Banking acting as coordinating lead arranger, mandated lead arranger, green loan coordinator, lender, and LC issuer.