Energy & Power
Oneida energy storage project one step closer to reality
March 6, 2021 By Anthony Capkun
March 6, 2021 – Signalling a possible green light for the project, the Canada Infrastructure Bank and Oneida Energy Storage LP have signed a Memorandum of Understanding for the 1000-MWh energy storage project in Ontario.
The MoU confirms CIB’s collaboration with Oneida Energy Storage LP in support of the project; the bank has agreed to certain parameters around its investment, which are yet to be confirmed through “further due diligence and a final investment decision in Spring 2021”.
Oneida Energy Storage LP is a joint venture between NRStor Inc. and Six Nations of the Grand River Development Corp.
“The Oneida Energy Storage project has the potential of contributing significantly to our mission of achieving economic self-sufficiency for the people of Six Nations,” said Elected Chief Mark Hill, Six Nations of the Grand River.
The proposed project includes the development of a 250-MW/1000-MWh energy storage facility in Southwestern Ontario.
It would draw and store existing surplus baseload and renewable energy during off-peak periods. Power would then be released to the grid when energy demand is at its peak. The facility would also provide grid-balancing services.
“Energy storage is a game changer that can help to enable Canada’s transition to a low-carbon economy and make Ontario a global leader in cleantech innovation,” said Annette Verschuren, CEO and founder, NRStor. “We believe Oneida will be just the first of many exciting storage projects on our country’s horizon.”
Project proponents claim that, when operational, Oneida Energy Storage will be the largest in Canada and among the largest battery energy storage facilities in the world.
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