PowerBank Corporation announced the commercial operation of its first 4.99 MW battery energy storage system in Ontario, secured by a 22-year revenue contract with the IESO.
Key takeaways
The 4.99 MW BESS SFF 06 project in Cramahe, Ontario commenced revenue-producing operations.
The project secured a 22-year contract with IESO featuring a fixed capacity payment of $1,221/MW per business day.
The project is financed via a combined $28.1 million loan from Royal Bank of Canada covering two projects.
PowerBank holds an indirect 50% interest in the project, with the remainder held by First Nations communities.
The project is eligible for a 30% Clean Technology Investment Tax Credit on eligible capital costs.