Powin Energy Closes Project Financing from Brookfield Renewable for its Stratford Energy Storage System
Powin Energy Corporation has secured construction to term project financing from renewable power company Brookfield Renewable Partners for its 8.8 MW/40.8 MWh Stratford Energy Storage Project in Stratford, Ontario, Canada. The non-recourse debt financing will support the project that is currently under construction and expected to be operational by the end of 2017.
With a usable capacity of 40.8 MWh, when commissioned it will be the largest contracted battery energy storage project in Canada. It will consist of 300 Powin Energy Stack140 systems housed inside a newly constructed, purpose-built warehouse and will be connected to inverters from both Eaton and EPC. The construction outfit Ellis Don broke ground on the building in mid-July, with work on the battery array beginning in late August.
Powin's Stack140 utilizes lithium iron phosphate (LFP) batteries. The chemistry was chosen for its high thermal stability, long cycle life and well-established track record of performance. At its expected usage rate of one full cycle per day, the system will have a lifespan of over 20 years.
With the completion of the Stratford Project, Powin will have brought over 50MWh of utility scale battery storage on-line in 2017.
The Stratford ESP is contracted with the Ontario Independent Electricity System Operator (IESO) as part of IESO's long-term energy plan to provide key ancillary services including reactive support, voltage control, and peaking power to the grid through energy storage technologies.
Geoffrey Brown, President of Powin Energy said:
"Securing non-resource financing is a critical step for energy storage assets themselves as well as the broader market. We believe that closing a deal of this nature with a well-respected group like Brookfield is indicative of market maturation and Powin's future prospects. I'm proud of our team that once again raised the bar in battery storage."
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