The Canada Infrastructure Bank (CIB) agreed to invest up to C$170 million ($141.26 million) in the 250 MW / 1,000 MWh Oneida Energy Storage project in southwestern Ontario.
Under terms of the investment agreement in principle, Oneida Energy Storage LP, together with private-sector lenders, will finance the balance of the project’s capital cost, which is estimated at around C$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 draw and store existing surplus energy during off-peak periods and also provide grid balancing services and reduce the need for renewable curtailment.
Oneida Energy Storage LP, a partnership between NRStor Inc and Six Nations of the Grand River Development Corp;, will create internship opportunities for Six Nations community members and result in training and employment opportunities. Oneida Energy Storage will be responsible for the design, construction, operations, and maintenance of the facility.
The project is part of the infrastructure bank’s C$2.5 billion clean energy initiative and goal to invest at least C$1 billion in projects in partnership with, and for the benefit of, Indigenous Peoples.
Scotia Capital Inc. is acting as financial advisor to NRStor Inc. and Six Nations of the Grand River Development Corp.
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