The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP have signed a Memorandum of Understanding (MOU) for the Oneida Energy Storage project in Ontario. 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.
Representing the largest project of its kind in Canada, the proposed Oneida Energy Storage project includes the development of a 250 megawatt / 1000 megawatt-hour energy storage facility in Southwestern Ontario.
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.
