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SolarBank signs deal for three Ontario energy storage projects

DCN-JOC News Services
SolarBank signs deal for three Ontario energy storage projects

TORONTO — SolarBank Corporation has announced it has entered into engineering, procurement and construction agreements for three Battery Energy Storage System projects in Ontario with a total contract value of $26 million.

The projects are owned by Solar Flow-Through Funds, two First Nations communities and a third-party developer in Ontario, stated a release. The deal is dated Oct. 3.

The projects were awarded as part of a procurement process with the Ontario Independent Electricity System Operator (IESO) known as E-LT1. Projects under the E-LT1 are expected to be operational no later than April 30, 2026 but the company intends to have them completed for operation by the summer of 2025.

Each project is expected to operate under a long-term contract with guaranteed capacity payments from the IESO, provided all contract obligations are met. The projects will also earn revenue from the energy and ancillary markets in Ontario.

The projects are in three different areas of Ontario. Each has a 4.74-megawatt discharge capacity with a four-hour duration using lithium-iron-phosphate technology.

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