- PowerBank Corporation, a leading North American energy infrastructure developer and asset owner, has just begun installation of a 4.99 MW battery energy storage system (“BESS”) at its SFF-06 project in Cramahe, Ontario
- Once completed, this project is designed to deliver 4.75 MW of daily contract capacity for 251 business days annually, thereby powering Ontario’s grid with reliable, clean energy
- This ambitious project marks PowerBank’s bold entry into the battery storage market, a market that is projected to hit $31.2 billion by 2029, representing a 16.3% CAGR
- For the power supplied, PowerBank will receive a fixed capacity payment of $1,221/MW per business day, well above the $876/MW average for storage projects
Disseminated on behalf of PowerBank Corporation
PowerBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), a leading North American energy infrastructure developer and asset owner, just marked its entry into the rapidly growing Battery Energy Storage System (“BESS”) market with the installation of a BESS at its SFF-06 flagship project in Cramahe, Ontario. The project, once completed, will have a 4.99 MW capacity, delivering 4.74 MW of daily contract capacity for 251 business days annually, ultimately powering Ontario’s grid with reliable, clean energy (https://ibn.fm/3KhG2).
This ambitious project is backed by a $25.8 million loan from Royal Bank of Canada (“RBC”), with the institution serving as Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent. This, coupled with the long-term value that is the 22-year contract that PowerBank entered with…
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN
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