Northland reaches FID on 250MW Canadian battery
- Oneida energy storage space project in Southern Ontario will get to full commercial operation in 2025
Northland Power has achieved monetary close on a 250MW power storage space project in Ontario, Canada.
The Oneida energy storage space project, in Southern Ontario, has actually safeguarded all required financing.
Northland owns 72% of the project, which is being established in collaboration with NRStor, Six Nations of the Grand River Development Corporation and also Aecon Group.
Oneida is a 250MW/1000 megawatt hr capacity battery situated in Haldimand County as well as is Northland's initial investment in energy storage space.
Northland will consider more opportunities within the Ontario market and also various other key markets to develop out its battery energy storage space portfolio.
Full commercial operations for the project are anticipated to commence in 2025.
Mike Crawley, President and also Chief Executive Officer of Northland, said: "Oneida offers Northland with dimension as well as scale in Ontario from which we can grow.
" We will check out more development opportunities within power storage space as part of our overall aspiration to help accelerate the worldwide clean power change."
The overall cost for the project is around C$ 800m ($600m).
Consistent with Northland's funding approach, the business will certainly make use of non-recourse project-level financing to fund around 75% of the construction costs.
Northland's equity element will certainly be funded from existing cash available as well as available liquidity under its revolving credit center.
Overall financial obligation required for the project has actually been fully committed by an exterior loan provider in the form of a non-recourse building and term finance, matching the tone of the capacity contract.
Natural Resources Canada (NRCan) has also offered financing from the Smart Renewables and Electrification Pathways program, recognising that the project will decrease greenhouse gas exhausts.
The remaining expenses will certainly be funded by the added equity from the different companions.
Oneida will take advantage of a 20-year capacity contract with the IESO in Ontario.
Acquired revenue constitutes around 60% overall revenues, and also the remaining will be made from running the battery in the wholesale market.
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