Oneida Energy Storage

Sector(s)
Clean Power, Indigenous Infrastructure
Location(s)
Southwestern Ontario
Participation
$170 million
Partner(s)
Oneida Energy Storage LP

Supporting economic growth, creating energy savings and reducing greenhouse gas emissions in Ontario

The Oneida Energy Storage project consists of a 250 megawatt / 1,000 megawatt-hour energy storage development in Haldimand County, Ontario.

Fast facts

Reduce GHGs by 4.1M tonnes / year (equivalent to 40,000 cars off the road / year)
Improve electricity management during peak demand
Meet future energy need
Partnering with Six Nations community

Oneida Energy Storage LP, a joint venture between NRStor Inc. and Six Nations of the Grand River Development Corporation, will provide clean, reliable power capacity by drawing and storing renewable energy during off-peak periods and releasing it to the Ontario grid when energy demand is at its peak. The facility is expected to provide significant benefits to Ontario’s ratepayers by reducing the need and cost associated with using gas-fired power plants during times of peak demand. The project will help Ontario reduce greenhouse gas emissions by 4.1 million tonnes, or the equivalent of taking 40,000 cars off the road every year.

Oneida Energy Storage LP will create internship opportunities for Six Nations community members and result in training and employment opportunities.

We will invest up to $170 million in the half billion dollar project, located in Southwestern Ontario. Under the terms of the investment, Oneida Energy Storage LP, together with private sector lenders, will finance the balance of the project’s capital cost, which will be confirmed and announced at financial close.

Benefits of CIB involvement

It is challenging to attract or finance the project with only private capital because of the level of uncontracted revenue. The CIB’s team has worked for major banks, infrastructure and investment firms and brings experience from large, successful transactions in Canada and around the world, including projects led by Indigenous communities. This experience will be used to structure a sound investment, ensure appropriate risk transfer to the private sector and accelerate the construction of this project. To assist with this financial challenge, we will bridge the financing gap with an innovative financing.

Learn more

NRStor

The Oneida Energy Storage project is a historic achievement built on a foundation of respect and equal partnership with the Six Nations of the Grand River. It will help protect our environment, lower electricity costs for Ontarians, and support the economic recovery and future growth of our province and Canada. We are excited to work with the Canada Infrastructure Bank to advance this project as we strive to achieve our shared environmental, energy, and economic objectives.

Annette Verschuren, CEO & Founder
Six Nations of the Grand River

Six Nations of the Grand River is excited to co-develop the Oneida Energy Storage project in collaboration with industry leader NRStor Inc. This innovative project aligns with our community’s core values of protecting Mother Earth and preservation for our future generations. With the financial support of the CIB, this project will be amongst the first of its size to be co-developed by an Indigenous partner and will model a path forward for how private, public and Indigenous partners can work together to create meaningful solutions.

Mark Hill, Elected Chief
Six Nations of the Grand River Development Corporation

Six Nations of the Grand River Development Corporation (SNGRDC) is extremely pleased to play a lead role in advancing an energy solution that unlocks value for ratepayers, promotes green house gas reduction, and provides much needed stimulus for our local economy. The Oneida Energy Storage project is an example of the progressive steps SNGRDC is taking to seek out high calibre partners and build new relationships that are reflective of our community’s needs and value.

Matt Jamieson, President and CEO