Aypa Power Secures CA$700 Million for Major Ontario Battery Storage Build-Out

New updates have been reported about Aypa Power.

Aypa Power has closed approximately CA$700 million (US$512 million) in construction-to-term, ITC bridge, and letter-of-credit facilities to fund its Elora and Hedley battery energy storage projects in Ontario, marking one of the largest storage financings under the province’s LT1 procurement. The deal, arranged by an eight-bank syndicate led by CIBC and Sumitomo Mitsui Banking Corporation, materially de-risks project execution and provides long-term capital visibility for Aypa’s Canadian growth strategy.

The Elora and Hedley systems, totaling 422 MW / 1,688 MWh, are contracted assets awarded in 2025 under the Independent Electricity System Operator’s Long-Term 1 program, anchoring Aypa’s role in Ontario’s capacity market and supporting future revenue stability once operations begin in mid-2027. Developed in partnership with Six Nations of the Grand River Development Corporation, the projects strengthen Aypa’s Indigenous partnership credentials while expanding its North American portfolio, which already includes 42 operating or in-construction projects and a development pipeline exceeding 22 GW.

CEO Moe Hajabed said the financing underscores the strength of Aypa’s platform and disciplined approach to complex infrastructure delivery, signaling lender confidence in utility-scale storage as a mature asset class. For Aypa, the transaction supports scale in a core jurisdiction, diversifies contracted cash flows, and positions the company to benefit from growing grid reliability needs and increasing renewable penetration across Canada.