Energy & Power
Alberta’s eReserve energy storage project finds investor/owner in TD Fund
By Anthony Capkun
October 16, 2020 – TD Asset Management Inc. reports that the TD Greystone Infrastructure Fund* has invested in the battery energy storage project—eReserve—which located about 2 km south of the Village of Rycroft, Alta., in the Municipal District of Spirit River No. 133.
The facility is located on privately-owned, cultivated land directly south of the ATCO-owned Rycroft 730S Substation, and will consist of up to 60 MW-worth of Tesla Megapack batteries. The project aims to provide energy balancing and grid frequency regulation services.
Construction commenced in September, beginning with the advancement of funds to commission the first of three 20-MW storage systems (eReserve 1), scheduled to be in service by December 2020.
The project will be owned and managed by the Fund’s wholly owned, western Canadian power investment platform, WCSB Power Holdings LP.
Teric Power Ltd. (Calgary) has been engaged to design and manage construction.
This agreement, says TD, provides the option for WCSB Power to construct and operate two additional 20-MW battery projects, eReserve 2 and 3, scheduled to be in service in 2021. Once fully constructed, WCSB Power is anticipated to operate the largest fleet of Tesla Megapack batteries in Canada.
“We are incredibly proud of this investment, which adds to WCSB Power’s existing generation capacity and supports our goal of becoming a market leader of energy storage projects in Canada,” said Jeff Mouland, TD Asset Management.
* The TD Greystone Infrastructure Fund (Canada) LP and the TD Greystone Infrastructure Fund (Canada) LP II (the “Feeder Funds”) invest in units of a master fund, the TD Greystone Infrastructure Fund (Global) LP (the “Master Fund”), which invests in the allowable infrastructure investments outlined in its Investment Policy.