January 13, 2021 Read More →

Canada Infrastructure Bank to fund 250MW battery storage project, country’s largest

S&P Global Market Intelligence ($):

The Canada Infrastructure Bank has agreed to help Six Nations of the Grand River Development Corp. and NRStor Inc. develop the nation’s largest electricity storage facility.

The Oneida Energy Storage project would have capacity of 250 MW/1,000 MWh to provide backup power in southwestern Ontario, according to a press release from the federal government-owned bank. Details of the memorandum of understanding, including the amount of the bank’s investment and ownership of the partnership that would operate the battery storage facility, were not provided. The Six Nations reserve is located about 30 kilometers southwest of the city of Hamilton, Ontario.

“The MOU confirms the Canada Investment Bank’s collaboration with Oneida Energy Storage LP in support of the project,” the bank, known as the CIB, said in the Jan. 12 statement. “The CIB and Oneida Energy Storage LP have an agreement on the parameters around a CIB investment in the project, which will be confirmed by further due diligence and a final investment decision in spring 2021.”

The Six Nations of the Grand River has been working to develop renewable energy projects in its territory, including a 44-MW solar farm that was developed in collaboration with Ontario Power Generation Inc. The nation-owned development corporation also holds equity interests in wind projects across Southern Ontario. Toronto-based NRStor is a project developer which has completed electricity storage facilities including a compressed air storage facility in Ontario.

The Oneida storage facility would draw surplus power from renewable sources when power usage is low and release the power during times of peak demand. It would also provide grid balancing services to the surrounding region. Ontario’s power grid is managed by the Independent Electricity System Operator, a provincial government agency.

The CIB was created by the government of Prime Minister Justin Trudeau with a mandate to invest as much as C$35 billion to kickstart infrastructure projects across Canada. The bank intends to invest as much as C$2.5 billion in clean energy projects over the next three years.

[Gene Laverty]

More ($): Canadian feds to invest in nation’s largest electricity storage project

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