From pv magazine USA
The Canada Infrastructure Bank (CIB) has agreed to invest up to CAD 170 million ($141.26 million) in the 250 MW/1,000 MWh Oneida Energy Storage project in southwestern Ontario.
Oneida Energy Storage LP, together with private-sector lenders, will finance the balance of the project’s capital costs, which have been estimated at around CAD 500 million. Construction is expected to begin this fall.
The bank and project developers signed a memorandum of understanding in January that led to the financial commitment. The project will store existing surplus energy during off-peak periods and provide grid-balancing services to reduce the need for renewables curtailment.
Oneida Energy Storage LP, a partnership between NRStor Inc. and Six Nations of the Grand River Development Corp., will create internship and job opportunities for Six Nations community members. Oneida Energy Storage will be responsible for the design, construction, operation, and maintenance of the storage facility.
The project is part of the CIB’s CAD 2.5 billion clean energy initiative. It aims to invest at least CAD 1 billion in projects in partnership with indigenous people. Scotia Capital is acting as financial adviser to NRStor and Six Nations of the Grand River Development Corp.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
1 comment
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.