Oneida Energy Storage

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.