PowerBank Corporation Installs 4.99 MW Battery Energy Storage System in Ontario, Canada

Strategic Insights -

PowerBank Corporation has announced the installation of its cutting-edge 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, marking the company's entry into the growing battery storage market. The SFF-06 project, owned by 1000234763 Ontario Inc. (ProjectCo), is backed by a $25.8 million loan from Royal Bank of Canada (RBC) and has secured a 22-year contract with the Independent Electricity System Operator (IESO) through the Expedited Long-Term RFP (E-LT1 RFP). This contract ensures strong financial returns for the project, with a fixed capacity payment of $1,221/MW per business day, significantly above the average for storage projects.

Key Takeaways:

  • PowerBank Corporation has installed a 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, marking its entry into the battery storage market.
  • The SFF-06 project, owned by 1000234763 Ontario Inc. (ProjectCo), is backed by a $25.8 million loan from Royal Bank of Canada (RBC) and has secured a 22-year contract with the IESO through the E-LT1 RFP.
  • The contract ensures strong financial returns for the project, with a fixed capacity payment of $1,221/MW per business day, significantly above the average for storage projects.
  • The project is expected to deliver 4.74 MW of daily contract capacity for 251 business days annually, powering Ontario's grid with reliable, clean energy.
  • PowerBank has tapped Anvil Crawler Development Corp. to handle civil and electrical work, with a $1.85 million contract, and has acquired the necessary permits for the project, except for the OPA/ZBA mentioned in the article.
  • The company has a development pipeline of over 1 gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.
  • PowerBank is an independent renewable and clean energy project developer and owner, focusing on distributed and community solar projects in Canada and the USA.

Statistics:

  • The 4.99 MW BESS has an estimated capacity of 4.74 MW per day, annually delivering 251 business days of clean energy to the grid.
  • The IESO E-LT1 RFP contract pays PowerBank $1,221/MW per business day, significantly above the average of $876/MW for storage projects.
  • Royal Bank of Canada (RBC) has provided a $25.8 million loan to back the SFF-06 project.
  • PowerBank has a development pipeline of over 1 gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.

Sources:

  • PowerBank Corporation. (2025, August 6). PRNewswire. - PowerBank Corporation Installs 4.99 MW Battery Energy Storage System in Ontario, Canada.
  • Fortune Business Insights. (2022). Battery Energy Storage System Market Size, Share & Industry Analysis By Type (Lithium-Ion, Lead-Acid, Sodium-ion, Others), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2023 - 2029.