The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP announced the signing of a Memorandum of Understanding (MOU) for the Oneida Energy Storage project in Ontario, Canada. Oneida Energy Storage LP is a joint venture between NRStor Incorporated and Six Nations of the Grand River Development Corporation.
The MOU confirms the CIB's collaboration with Oneida Energy Storage LP in support of the project. 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.
The facility 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.
When operational, Oneida Energy Storage will be the largest in Canada and amongst the largest battery energy storage facilities in the world.
Kineticor Resource Corp. with joint development sponsors, Macquarie Capital and Ontario-based pension fund OPTrust and project sponsors OPTrust, Axium Infrastructure and DIF Capital Partners have closed the financing on the CAD1.5 billion (US$1.2 billion) Cascade Power Project. Macquarie acted as exclusive financial advisor and debt arranger to the partnership, securing non-recourse project financing.
Read moreCalgary based Canadian independent power producer Maxim Power Corp. has successfully commissioned its 204 MW natural gas-fired power plant (M2) located near Grande Cache, Alberta. The project is the largest simple cycle natural gas-fired power plant in Alberta and is a significant milestone in the province’s transition away from coal-fired generation.
Read moreOntario Power Generation Inc. (OPG), under a new subsidiary that will be doing business as Atura Power, has finalized the acquisition of a portfolio of combined-cycle natural gas-fired plants in Ontario. The natural gas assets had previously been owned by TC Energy.
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NaiKun Wind Energy Group Inc. has entered into an agreement to sell the 400 MW NaiKun Offshore Wind Farm located in the Hecate Strait off the coast of British Columbia, Canada to Northland Power Inc. Upon successful completion of the Transaction, Northland will be responsible for all aspects of the project’s development. The transaction will occur by way of the company selling Northland a 100% interest in its wholly-owned subsidiary, NaiKun Wind Development Inc.
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Greengate Power Corporation and Copenhagen Infrastructure Partners (CIP) have entered into an agreement with the intention to fund the further development and construction of the Travers Solar project. The construction of the project is anticipated to commence in mid-2020, with full commercial operations targeted for the end of 2021.
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