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.
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Source: pv magazine