TORONTO — The Canada Infrastructure Bank (CIB) and Oneida Energy Storage LP have announced the signing of a Memorandum of Understanding to develop 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 CIB and Oneida have reached agreement on the parameters around a CIB investment in the project, stated a Jan. 12 release, with the deal to 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 development of a 250 megawatt/1000 megawatt-hour energy storage facility. The facility would draw and store existing surplus baseload and renewable energy during off peak periods and release power to the Ontario grid during peak demand.
“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,” stated Ehren Cory, CEO of the CIB, in a statement. “The project is founded on a strong partnership between an innovative Canadian energy company and a First Nation community.”
“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,” said Six Nations Chief Mark Hill.