CIB signs MoU for energy storage project
January 12, 2021
By CCE
It would be the largest of its kind in Canada.
The Canada Infrastructure Bank (CIB) has signed a memorandum of understanding (MoU) with Oneida Energy Storage—a joint venture (JV) between Toronto-based NRStor and Six Nations of the Grand River Development—to support a new energy storage project in Southwestern Ontario.
The proposal entails building a 250-MW/1,000-MWh battery energy storage facility—the largest of its kind in Canada and one of the largest in the world—to draw existing surplus baseload and renewable energy during off-peak periods, then release it to the provincial grid at on-peak times. The project’s goal is to better use existing assets to ensure a more efficient, affordable and cost-effective electricity system, helping to stabilize Ontario’s electricity system by providing grid balancing services.
“The project has the potential of contributing significantly to our mission of achieving economic self-sufficiency for the people of Six Nations,” says Mark Hill, elected chief of Six Nations of the Grand River, located near Brantford, Ont.
The MOU confirms CIB’s collaboration and support, but the parameters for CIB’s investment in the project will be confirmed through further due diligence. A final decision is expected this spring.
