PowerBank Corporation has embarked on a significant venture into the battery storage market with the installation of a 4.99 MW battery energy storage system (BESS) at its SFF-06 project in Cramahe, Ontario. This initiative is poised to deliver 4.75 MW of daily contract capacity for 251 business days annually, bolstering Ontario's grid with clean and dependable energy. The project's timing aligns with the global battery storage market's anticipated growth to $31.2 billion by 2029, expanding at a compound annual growth rate (CAGR) of 16.3%.
Financed by a $25.8 million loan from the Royal Bank of Canada (RBC), which also assumes roles as the Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent, the project is underpinned by a 22-year contract. This agreement guarantees PowerBank a fixed capacity payment of $1,221/MW per business day for the energy supplied, a rate substantially higher than the $876/MW average for comparable storage endeavors. For further insights into PowerBank's projects, visit https://ibn.fm/3KhG2.
This strategic foray into battery storage not only highlights PowerBank's dedication to sustainable energy but also positions the company to leverage the escalating demand for energy storage solutions. The SFF-06 project's achievement could catalyze additional investments in renewable energy infrastructure, further cementing Ontario's status as a frontrunner in clean energy innovation.
