Oneida Energy Storage

Sector(s)

Clean Power, Indigenous Infrastructure

Location(s)

Southwestern Ontario

Participation

Up to $535 million (financial close)

Partner(s)

Oneida Energy Storage LP

Sector(s)

Clean Power, Indigenous Infrastructure

Location(s)

Southwestern Ontario

Participation

Up to $535 million (financial close)

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.

Construction progresses at Oneida Energy Storage site

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, Chief Executive Officer & 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.

Chief Mark Hill

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 Chief Executive Officer

Northland Power

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.

Michelle Chislett, Executive Vice President

Fast facts

Reduce GHGs by 1.2M tonnes

Improve electricity management during peak demand

Meet future energy need

Partnering with Six Nations community

Oneida Energy Storage LP is a joint venture between NRStor, Six Nations of the Grand River Development Corporation, Northland Power and Aecon Concessions. The project 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 1.2 million tonnes.

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 $535 million in the 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.

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

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