SolarBank Corp has announced that its first battery energy storage system project located in Ontario is expected to commence construction during this February. The project is known as SFF-06 and is located in Cramahe, Ontario.
SolarBank has selected Anvil Crawler Development Corp to perform the civil and electrical work on the project.
In July 2023, the Project was awarded a contract by the Independent Electricity System Operator (“IESO”) under the Expedited Long-Term RFP. The company expects that once operational the project will have 4.74 MW of daily contract capacity available for 251 business days in a year.
Furthermore, the Project is eligible for the Clean Technology Investment Tax Credit introduced in 2024. This refundable tax credit provides up to 30% reimbursement of eligible capital costs for new clean technology, significantly enhancing the economic returns of the projects.
The company has an indirect 50% interest in ProjectCo, with the remaining 50% held by a partnership formed by First Nations communities in Ontario.
