- Press Releases
May 20 (Renewables Now) - The Canada Infrastructure Bank (CIB) will channel up to CAD 170 million (USD 140.4m/EUR 115.2m) in the construction of a 250-MW/1,000-MWh energy storage system in Ontario, it said on Wednesday.
Called Oneida, the energy storage facility is planned to be installed in southwestern Ontario, with construction slated to begin in the autumn. According to the plan, it will store surplus baseload and renewable energy generation during off-peak periods and help manage demand, balance the provincial power grid and enhance its reliability.
CIB noted that its investment is subject to final due diligence and board approval.
The roughly CAD-500-million scheme is being executed by Oneida Energy Storage LP, a partnership between NRStor Inc and Six Nations of the Grand River Development Corporation. Private sector lenders and the project proponent will provide financing to cover the remaining capital requirements, in addition to the CIB funding.
The exact cost of the project will be confirmed when financial close is reached in the summer.
Oneida Energy Storage LP will take care of the design, construction, operations and maintenance of the facility.
(CAD 1.0 = USD 0.826/EUR 0.678