On March 10, 2026, Aypa Power, a Blackstone portfolio company, together with the Six Nations of the Grand River Development Corporation (SNGRDC), announced the successful close of approximately $700 million (US$512 million) in aggregate financing for the Elora and Hedley Battery Energy Storage System (BESS) projects in Ontario, Canada.  The twin projects, located in Centre Wellington Township (Elora) and Haldimand County (Hedley), boast a combined installed capacity of 422 MW / 1,688 MWh and represent one of the largest battery storage commitments secured under the Independent Electricity System Operator's (IESO) Long-Term 1 (LT1) competitive procurement program, a critical initiative designed to ensure Ontario's grid reliability as the province transitions toward net-zero.  Commercial operations are scheduled to commence in mid-2027.

This was Aypa Power's first deal in Canada, and the Elora and Hedley projects were among the first LT1-procured projects to reach financial close. The financing was provided by an eight-bank syndicate of leading international and domestic lenders, led by Canadian Imperial Bank of Commerce (CIBC) as the left lead arranger and Sumitomo Mitsui Banking Corporation, Canada Branch as the right lead arranger. Coordinating lead arrangers also included Desjardins Group, National Bank of Canada, Royal Bank of Canada (also administrative agent), and Société Générale, together with Industrial and Commercial Bank of China (Canada) and Siemens Financial Services as joint lead arrangers.

Osler, Hoskin & Harcourt LLP advised Aypa Power and SNGRDC. Kirkland & Ellis LLP served as global counsel for Aypa Power and its parent, Blackstone. Torys LLP acted as counsel to the CIBC-led lender syndicate.