The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP have signed a Memorandum of Understanding (MOU) in support of the Oneida Energy Storage project in Ontario.
Oneida Energy Storage LP is a joint venture between NRStor Incorporated and Six Nations of the Grand River Development Corporation.
The MOU confirms the CIB’s collaboration with Oneida Energy Storage LP in support of the project. 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.
This partnership is another step forward for the CIB to deliver new clean power infrastructure as part of its $10 billion Growth Plan.
Representing the largest project of its kind in Canada, the proposed Oneida Energy Storage project includes development of a 250 megawatt / 1000 megawatt-hour energy storage facility in Southwestern Ontario.
The facility would provide clean, reliable power capacity, drawing and storing existing surplus baseload and renewable energy during off peak periods. Power would be released to the Ontario grid when energy demand is at its peak. In addition, the energy storage facility would help stabilize Ontario’s electricity sector by providing important grid balancing services.
“Energy storage is a game-changer that can help to enable Canada’s transition to a low-carbon economy and make Ontario a global leader in cleantech innovation,” said Annette Verschuren, founder and CEO, NRStor. “We are excited to work with industry-leading partners on the Oneida project to deliver grid efficiencies at scale resulting in meaningful savings for rate payers.”
By helping to better use the existing assets, greater efficiencies would be secured leading to a more affordable and cost-effective electricity system.
The CIB engages and builds relationships with all levels of government, Indigenous communities and private and institutional investors. Its team of infrastructure experts conduct market analysis and provide specialized commercial and investment expertise, including innovative financial modelling, project structuring and procurement options to support project sponsors.
“The CIB is excited to be part of this project as it has the potential to deliver sustainable, reliable and affordable energy for customers in Ontario,” says Ehren Cory, CEO of CIB. “The project is founded on a strong partnership between an innovative Canadian energy company and a First Nation community.”
When operational, Oneida Energy Storage will be the largest in Canada and amongst the largest battery energy storage facilities in the world.
“We are thrilled to partner with NRStor to develop energy storage as the means through which energy savings can be realized while providing reliable clean energy to our communities and businesses,” said Matt Jamieson, president and CEO, Six Nations of the Grand River Development Corporation.
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