BESS SFF 06 Battery Energy Storage System Project

completed

The 4.99 MW Battery Energy Storage System (BESS) project in Cramahe, Ontario, has reached commercial operation. It operates at the site of an existing ground-mount solar project and has secured a 22-year contract with the Independent Electricity System Operator (IESO) under the Expedited Long-Term RFP (E-LT1 RFP). The project has 4.74 MW of daily contract capacity available for 251 business days per year, with a fixed contract capacity payment of $1,221/MW per business day. It is eligible for a 30% refundable Clean Technology Investment Tax Credit and is financed through a combined loan of $28.1 million from Royal Bank of Canada. PowerBank Corporation holds an indirect 50% interest in the project, with the remaining 50% held by a First Nations partnership.