The Canada Infrastructure Bank (CIB) and Oneida Energy Storage, a joint venture between NRStor and Six Nations of the Grand River Development Corp., have signed an agreement relating to the Oneida Energy Storage project in Ontario, the largest project of its kind in Canada.
The proposed project includes the development of a 250-megawatt energy storage facility in Southwestern Ontario. The facility will provide clean, reliable power capacity to the Ontario grid. It would draw and store existing surplus baseload and renewable energy during peak periods and would also help stabilize Ontario's electricity sector by providing important grid balancing services.
The CIB and Oneida Energy Storage have struck 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.
CIB said the partnership is a step forward to deliver new clean power infrastructure as part of th