Canadian Infrastructure Bank announced plans for a 250MW/1000MWh energy storage project

Canadian Infrastructure Bank (CIB) and Oneida Energy Storage Co., Ltd. (a six-nation joint venture of NRStor and Dahe Development Corporation) signed a memorandum of understanding for the Ontario Oneida Energy Storage Project.

According to the Canadian Infrastructure Bank, this 250 MW/1000 MWh energy storage facility is the largest of its kind in Canada. Once completed, it will become one of the largest battery energy storage projects in the world.

The memorandum of understanding confirmed the Canadian Infrastructure Bank's plan to provide financial support for the project, and will conduct further due diligence and make a final investment decision in the spring of 2021. As a Canadian federal company, the International Investment Bank of Canada was ordered to invest 35 billion Canadian dollars (27.5 billion US dollars) and attract private sector investment in projects that benefit the country. The Canadian Infrastructure Bank said that according to the company's 10 billion Canadian dollar growth plan, this latest partnership is another step towards providing clean energy infrastructure.

The Oneida energy storage project will absorb and store the existing remaining base load and renewable energy during off-peak periods, and then release them to the Ontario grid during peak periods . The Joint Commission stated that this will provide important grid balancing services and create a more efficient and cost-effective power system for Ontario.