PowerBank Corporation has taken its first battery‑storage asset into commercial operation. The 4.99‑MW BESS, located on the site of an existing ground‑mount solar installation in Cramahe, Ontario, is now delivering a fixed capacity payment of $1,221 per megawatt per business day for 251 business days each year under a 22‑year contract with the Independent Electricity System Operator (IESO). The daily contract capacity available to the company is 4.74 MW, providing a predictable revenue stream that marks the transition from a development‑only model to a recurring‑income independent power producer (IPP) portfolio.
The project was awarded the IESO contract in July 2023 and is eligible for the Clean Technology Investment Tax Credit introduced in 2024. Financing was secured through a $28.1 million loan from the Royal Bank of Canada, and the asset was acquired as part of PowerBank’s $45 million purchase of Solar Flow‑Through Funds Ltd., which closed in July 2024. The BESS is co‑owned with a partnership of First Nations communities, underscoring the company’s commitment to community engagement and inclusive development.
This milestone is a cornerstone of PowerBank’s strategy to accelerate deployment of storage projects in Ontario’s incentive‑rich market. The 22‑year contract provides long‑term revenue certainty, while the 4.99‑MW capacity adds to a pipeline that exceeds 1 GW of solar and battery projects. The move to an IPP model positions the company to capture the growing demand for grid‑stabilizing storage and to reduce reliance on equity raises, improving cash flow and financial flexibility.
"Reaching commercial operation on BESS SFF 06 is a deeply meaningful milestone for our team. Battery energy storage is a critical pillar of a resilient, renewable grid — and this project proves that the technology, the contracts, and the partnerships are in place to deliver," said Dr. Richard Lu, CEO of PowerBank. "We look forward to bringing more of our pipeline online as we continue building the clean energy infrastructure North America needs," he added. "BESS SFF 06 represents the engineering and operational excellence our team brings to every project," added Andrew van Doorn, President & Chief Operating Officer.
The battery‑storage market is expanding rapidly, with forecasts projecting growth to $31.2 billion by 2029. Ontario’s regulatory framework, including the IESO procurement program and the Clean Technology Investment Tax Credit, has made the province an attractive location for storage projects. PowerBank’s entry into the market with a long‑term, revenue‑generating asset positions it to capture a share of this growth and to demonstrate the viability of battery storage as a core component of a diversified renewable portfolio.
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