The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP, a joint venture between NRStor and Six Nations of the Grand River Development Corp., have signed a memorandum of understanding (MOU) for the Oneida Energy Storage project in Ontario.
According to the CIB, the proposed 250 MW/1,000 MWh energy storage facility represents the largest project of its kind in Canada. Once finished, it will also be among the largest battery storage projects in the world.
“The CIB is excited to be part of this project as it has the potential to deliver sustainable, reliable and affordable energy for customers in Ontario,” said CIB CEO Ehren Cory.
“The project is founded on a strong partnership between an innovative Canadian energy company and a First Nation community.”
The CIB has a goal of investing $2.5 billion in clean energy projects across Canada within three years and to encourage projects which include meaningful Indigenous community participation.
The CIB and Oneida Energy Storage LP have an agreement on the parameters around a CIB investment in the facility that would provide clean, reliable power capacity. It would draw and store existing surplus baseload and renewable energy during off peak periods. Power would be released to the Ontario grid when energy demand is at its peak. In addition, the energy storage facility would help stabilize Ontario’s electricity sector by providing important grid balancing services.
“We are thrilled to partner with NRStor to develop energy storage as the means through which energy savings can be realized while providing reliable clean energy to our communities and businesses,” said Matt Jamieson, president and CEO, Six Nations of the Grand River Development Corporation.
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. When operational, the facility will be the largest in Canada and amongst the largest battery energy storage facilities in the world.
“Ontario is uniquely positioned to take advantage of energy storage solutions and I congratulate the Six Nations of the Grand River Development Corporation, NRStor and the Canada Infrastructure Bank on this important project milestone today,” said Greg Rickford, minister of energy, northern development and mines, and minister of Indigenous affairs.