- One of the largest clean energy storage facilities in the world.
- Will help Ontario reduce greenhouse gas emissions by 4.1 million tonnes, the equivalent of taking 40,000 cars off the road every year.
- The CIB’s investment in Oneida Energy Storage demonstrates a commitment to finance a target of $10 billion in clean power infrastructure.
Jarvis – A key component of Ontario’s energy supply – Oneida Energy Storage – is well into construction. More than 60 workers are on site daily, half of which are members of Aecon Six Nations (A6N), a joint venture between Six Nations of the Grand River Development Corporation (SNGRDC) and Aecon.
Work already advanced includes:
- 50 of the 140 battery pack foundations are poured
- 27,000m2 (5 acres) of ground graded
- 27,215 m2 of roads, laydown areas and parking completed
- 460 linear metres of underground fire water suppression piping fitted
- 3,350 linear metres of underground drainage system installed
The Canada Infrastructure Bank’s (CIB) is an investment partner and the financing package, based on current lithium prices, is distributed in two forms: 1) a short-term construction loan of $165 million supports current construction activities until completion and 2) a long-term loan of up to $370 million to help partners tolerate risks associated with the first of a kind facility and fluctuating critical minerals costs, a key component of the school bus-sized battery banks.
Oneida Energy Storage will support Ontario’s clean electricity grid by drawing and storing electricity off-peak when power demand is low and returning the power to the system at times of higher electricity demand. Operations are expected to begin in 2025 and provide enough power to meet the peak demand of a city the size of Oshawa.
Northland Power, NRStor, SNGRDC and Aecon Concessions are the owners of the 250-megawatt Oneida project. The facility will provide electricity storage services to the Independent Electricity System Operator (IESO) through a 20-year agreement and receive fixed availability payments from IESO for capacity services, as well as revenue from energy sold into the Ontario electricity grid and operating reserve. Aecon is executing the balance of plant engineering, procurement and construction (EPC) scope of the project. Tesla is the facility’s battery supplier.
The CIB is proud to develop a flexible financing package for this world class, clean energy project and work alongside the private sector. Project partners are showing how we can collaborate on sustainable infrastructure, create energy security for Ontarians and stimulate economic opportunity benefiting a First Nations community. Oneida Energy Storage is a win-win-win project.
Oneida is a first of its kind project at the forefront of Canada’s emerging energy storage sector and is paving the way for other projects like it. Oneida is really the blueprint for successful public-private partnership and collaboration. The Canada Infrastructure Bank has shown consistent support for the project through development, financial close, and now, into construction. Their involvement is a meaningful example that demonstrates how government support can help strengthen and stabilize these new categories of investment.
The role of the CIB is to introduce new technology, modernize industry and enable the energy transition that is so critical to our country. CIB is a leader in making this happen with the Oneida project.
The Canada Infrastructure Bank really was the ultimate catalyst to make the project reality and there was risk associated with doing something new and innovative. The CIB stepped up and provided financing in an environment which would not have otherwise been accessible for us.
The CIB has played a key role in supporting project development. It is extraordinarily meaningful to have the backing of the CIB and the support of the Government of Canada. CIB funding was a vital component of the project’s overall capital structure.