(Under construction)
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
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
Disclaimer: The Canada Infrastructure Bank (CIB), in its sole and absolute discretion, may choose to make available amendments, revisions, modifications or replacements to this website. This page will remain open for further revision, modification, replacement or cancellation by the CIB at any time and in no event shall the CIB be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on the content of this website.