The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP, a joint venture between NRStor Inc. and Six Nations of the Grand River Development Corp., have signed a memorandum of understanding (MOU) for the Oneida Energy Storage project in Ontario.
According to the CIB, the proposed 250 MW/1,000 MWh energy storage facility represents the largest project of its kind in Canada. Once finished, it would also be among the largest battery storage projects in the world.
The MOU confirms the CIB’s planned financial support of the project, with further due diligence and a final investment decision expected this spring. As a Canadian federal corporation, the CIB is mandated to invest C$35 billion (~US$27.5 billion) and attract private-sector dollars into projects that benefit the country. The CIB said this latest partnership is another step toward delivering clean power infrastructure under the corporation’s C$10B Growth Plan (~US$7.8 billion).
The Oneida Energy Storage project would draw and store existing surplus baseload and renewable energy during off-peak periods, then release its energy to the Ontario grid during peak periods. The CIB said this will provide important grid-balancing services and create a more efficient and cost-effective electricity system for Ontario.
Catherine McKenna, Canada’s minister of infrastructure and communities, commented, “Renewable energy projects in partnership with Indigenous communities – like the Oneida Energy Storage project with the CIB, Six Nations of the Grand River Development Corporation and NRStor Inc. – are a great example of how our economy will grow in the future and how forward-looking investments can help Canadians achieve their economic and environmental goals.”
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