Northland acquisitions financial close on 250-MW Ontario battery
2023-07-14 15:41:22
Canadian power producer Northland Power Inc (TSE: NPI) on Wednesday said it has reached financial close on its 250-MW/1000-MWh Oneida Energy Storage Project in Haldemand County, southern Ontario
The project is the company's first investment in energy storage It will benefit from a 20-year capacity revenue contract with Ontario&# 39; Independent Electricity System Operator, which will provide about 60% of its revenues, with the balance to be derived from operations in the wholesale market
Northland has secured non resource project level financing to fund about 75% of the construction costs of the rough CAD-800 million (USD 593m/EUR 548m) project The Toronto based company currently owns 72% of the scheme It development partners are NRStor Inc, Six Nations of the Grand River Development Corporation and Aecon Group Inc
The literacy on battery storage facility is expected to start full commercial operations in 2025
Northland expects that the facility will bring CAD 40 million to CAD 45 million of annual adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) to the company over the first five years
It added it is currently assessing how the Investment Tax Credits announced in the 2023 federal budget will apply to the project
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