Aypa Power and Six Nations secure C$700M financing for 422 MW / 1,688 MWh Elora and Hedley battery storage projects in Ontario

Aypa Power and Six Nations of the Grand River Development Corporation have closed approximately C$700 million ($515 million) in financing for the 422 MW / 1,688 MWh Elora and Hedley battery energy storage system projects in Ontario, Canada. The financing, provided by an eight-bank syndicate including CIBC and SMBC, will support the construction and operation of these projects, which are scheduled to begin commercial operations in mid-2027. This deal highlights the continued maturation of energy storage as a core infrastructure asset class and supports Ontario's long-term electricity reliability needs.

Counterparts (10)

Lender

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Industrial and Commercial Bank of China (Canada)

company

Industrial and Commercial Bank of China (Canada) is the Canadian subsidiary of the global banking giant, providing corporate and commercial banking services, including project finance, to clients across Canada. Established in 2010, the bank reported total assets exceeding CAD 10 billion as of 2022.

Siemens Financial Services

company

Siemens Financial Services (SFS) is the financing arm of Siemens, providing a range of financial solutions, including project and equipment finance, to support investments in infrastructure, energy, industry, and healthcare. SFS focuses on enabling technological advancements and sustainable development through its financing activities.

Royal Bank of Canada

company

Royal Bank of Canada is a global financial institution providing diversified financial services, including corporate and investment banking, capital markets, and asset management. Through RBC Capital Markets, it acts as a leading lender and advisor for infrastructure projects globally, with a strong presence in North America, Europe, and Australia.

Canadian Imperial Bank of Commerce

company

Canadian Imperial Bank of Commerce (CIBC) is a major Canadian financial institution providing corporate and investment banking services, including project finance, advisory, and capital markets solutions for infrastructure and power projects. The bank is headquartered in Toronto, Canada, with total assets of C$997.7 billion as of Q1 2024.

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Sumitomo Mitsui Banking Corporation, Canada Branch

company

Sumitomo Mitsui Banking Corporation, Canada Branch is the Canadian arm of the global Japanese financial institution, providing corporate and investment banking services, including project finance and advisory, to clients across various infrastructure and energy sectors in Canada and North America.

Societe Generale

company · 2 deals

Societe Generale has participated in two verified deals, focusing on renewable energy. They acted as a lender in a $1.1 billion solar project in Saudi Arabia and formed a joint venture partnership targeting renewable energy assets, including solar, onshore wind, and storage.

National Bank of Canada

company · 1 deals

National Bank of Canada acted as a lender in one verified deal: a $1.5B financing for energy storage in the USA. Their activity is focused on the energy storage technology sector within the United States.

Desjardins Group

company

Desjardins Group is the largest financial cooperative in North America, offering a full range of financial services including banking, credit, insurance, and investments to individuals and businesses. Operating across Canada and in Florida, the group emphasizes responsible investment and local economic engagement.

borrower

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Six Nations of the Grand River Development Corporation

company

Six Nations of the Grand River Development Corporation is an economic development corporation established by the Six Nations Elected Council in 2015. It manages the community's economic interests, investing in and developing renewable energy, infrastructure, real estate, and commercial ventures primarily within Ontario, Canada, with over 500 MW of renewable energy assets under management.

Aypa Power

company · 1 deals

Aypa Power develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, the company focuses on reducing reliance on fossil fuels and improving grid reliability.