Six Nations, NRStor Win Financing for Canada’s Biggest Battery Project
- Jan 15, 2021 5:00 am GMTJan 17, 2021 9:00 am GMT
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The Six Nations of the Grand River Development Corporation and their corporate partner NRStor Inc. have tapped into support from the Canada Investment Bank to get the country’s biggest battery storage project off the ground.
“The Oneida Energy Storage project would have capacity of 250 MW/1,000 MWh to provide backup power in southwestern Ontario,” S&P Global Market Intelligence reports. It’ll be located on the Six Nations reserve in Ohsweken, Ontario, about 30 kilometres southwest of Hamilton.
The big battery “would draw surplus power from renewable sources when power usage is low and release the power during times of peak demand,” S&P adds. “It would also provide grid balancing services to the surrounding region.”
Six Nations already runs a 44-megawatt solar facility, and has invested in wind farms across southern Ontario, S&P says.
“The MOU confirms the Canada Investment Bank’s collaboration with Oneida Energy Storage LP in support of the project,” the CIB said in a statement this week. “The CIB and Oneida Energy Storage LP have an agreement on the parameters around a CIB investment in the project, which will be confirmed by further due diligence and a final investment decision in spring 2021.”