New LaunchMay 5, 2026, 07:16 AM
PowerBank's First Ontario BESS Project Achieves Commercial Operation
AI Summary
PowerBank Corporation announced the commercial operation of its first Battery Energy Storage System (BESS) project, the 4.99 MW BESS SFF 06 in Cramahe, Ontario. This project has secured a 22-year revenue contract with the Independent Electricity System Operator (IESO), featuring a fixed capacity payment of $1,221/MW per business day. The project is also eligible for the Clean Technology Investment Tax Credit, enhancing its economic returns. This milestone represents PowerBank's initial foray into the battery energy storage market, financed by a $28.1 million loan from Royal Bank of Canada, with PowerBank holding an indirect 50% interest.
Key Highlights
- PowerBank's 4.99 MW BESS SFF 06 project in Cramahe, Ontario, achieved Commercial Operation.
- Secured a 22-year revenue contract with the IESO for the BESS SFF 06 project.
- Contract includes a fixed capacity payment of $1,221/MW per business day, above the E-LT1 RFP average.
- Project is eligible for the Clean Technology Investment Tax Credit, providing up to 30% capital cost reimbursement.
- The BESS SFF 06 project is financed by a $28.1 million loan from Royal Bank of Canada.
- PowerBank holds an indirect 50% interest in ProjectCo, with the remaining 50% held by First Nations communities.
- This marks PowerBank's initial entry into the battery energy storage market.