Northland inks major offers for 250-MW battery project in Ontario
- Canadian power producer Northland Power Inc (TSE: NPI) on Friday awarded several significant agreements backing the development of its 250-MW Oneida project in Ontario, readied to create the biggest battery power storage facility in Canada.
Specifically, Northland has actually secured a 20-year offer to provide electricity storage space services from the center to Independent Electricity System Operator (IESO), under which it will obtain fixed-price revenues from the provincial grid operator. The contract safeguards the majority of the project capacity, while the remaining section will rely on sales to the wholesale market.
The Toronto-based developer has actually also generated Tesla Inc (NASDAQ: TSLA) to deliver key components for the lithium-ion center and oversee its operations in the future. Aecon Group Inc will certainly act as the engineering, procurement and construction (EPC) contractor.
Once in operation in 2025, the Oneida battery will certainly double Ontario's current energy storage space capacity to 475 MW.
Northland is partnering with NRStor and the 6 Nations of the Grand River Development Corporation on the project, which has actually already obtained support from the Canada Infrastructure Bank (CIB). The Canadian firm is the bulk financier and will certainly lead the construction and operation of the suggested system. It is presently working with business banks to get the required funding.
