Canadian Infrastructure Bank plans to deploy 250MW/1000MWh energy storage project
According to the report, the Canadian Infrastructure Bank (CIB) recently announced that it has signed a Memorandum of Understanding (MOU) with Oneida Energy Storage LP to deploy a 250MW/1000MWh battery storage project in Ontario. Oneida is an energy storage developer established by a joint venture between NRStor and Grand River Development Corporation.
The largest battery energy storage project of Canada
The Canadian Infrastructure Bank (CIB) stated that the proposed 250MW/1,000MWh battery energy storage system will become the largest battery energy storage project in Canada. Once deployed, it will become one of the largest battery energy storage projects all around the world.
This memorandum of understanding confirmed the Canadian Infrastructure Bank (CIB) to provide financial support for the project. Also,they conducted further due diligence, and is expected to make a final investment decision this spring. The mission of CIB is to build infrastructure in Canada. With a total investment of 35 billion Canadian dollars (27.5 billion US dollars) in projects, and is committed to attracting private sector investment. Furthermore, the bank said that reaching this partnership is another step towards the deployment of more clean energy infrastructure.
Oneida energy project provides electricity to the Grid of Ontario
The Oneida energy storage project will store electricity from renewable energy generation facilities during off-peak periods, then provide electricity to the Ontario grid during peak periods. The Canadian Infrastructure Bank (CIB) stated that this will provide important grid balancing services and create a more efficient and cost-effective power system for Ontario.
Catherine McKenna, Minister of Transport, Infrastructure and Communities of Canada, commented on the project a few days ago, “The battery energy storage system planned by the CIB is a good way of our future economic growth ,and the forward-looking investment examples can help the Canadian government achieve the goals of economic and environmental development .”
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