SolarBank Corporation announced on February 4, 2025, that its first Battery Energy Storage System (BESS) project, SFF-06, located in Cramahe, Ontario, is expected to commence construction during the week of February 10, 2025. This marks a significant step in the company's expansion into battery energy storage.
The SFF-06 project is being financed through a combined $25.8 million loan from Royal Bank of Canada, which also covers another BESS project. SolarBank has awarded Anvil Crawler Development Corp. a contract valued at $1.85 million for the civil and electrical work on the project.
The project, with a capacity of 4.99 MW, was awarded a 22-year contract by the Independent Electricity System Operator (IESO) in July 2023, including a fixed capacity payment of $1,221 per MW per business day. It is also eligible for the Clean Technology Investment Tax Credit, providing up to 30% reimbursement of eligible capital costs.
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