FAQ: PowerBank Corporation's 4.99 MW Battery Storage System Installation in Ontario
Summary
What is the significance of PowerBank Corporation’s 4.99 MW Battery Energy Storage System installation?
The installation marks PowerBank Corporation’s official entry into the battery storage sector, supported by a significant financial backing and partnerships, including a $25.8 million green loan from RBC and a 50% ownership by First Nations partners.
Where is the 4.99 MW Battery Energy Storage System located?
The system is located at the SFF-06 project site in Cramahe, Ontario.
How was the project financed?
The project was financed through a $25.8 million green loan from RBC and acquired via a $45 million transaction with Solar Flow-Through Funds Ltd.
What are the benefits of the Battery Energy Storage System?
The system benefits from a 22-year IESO contract with premium pricing and qualifies for a 30% Clean Technology Investment Tax Credit.
Who is executing the civil and electrical work for the project?
Anvil Crawler is executing the civil and electrical work under a $1.85 million contract.
What challenges is the related 903 project facing?
The development of the related 903 project is delayed due to pending municipal approvals and local opposition, leading to a notice of potential force majeure to the IESO.
How can I learn more about PowerBank Corporation?
To learn more about PowerBank Corporation, please visit their website at www.powerbankcorp.com.
Where can I find the latest news and updates relating to PowerBank Corporation?
The latest news and updates relating to PowerBank Corporation (NASDAQ: SUUN) are available in the company’s newsroom at https://ibn.fm/SUUN.
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