PowerBank, a leading North American energy infrastructure developer and asset owner, proudly announces the installation of its cutting-edge 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, at the project known as SFF-06.
This milestone marks PowerBank’s bold entry into the rapidly growing battery storage market. The first five of nine EVLO Battery Containers are now on-site, supporting progress toward a sustainable energy future.
Strategic Financing, Acquisition, and Market Opportunity. The SFF-06 project, alongside a second initiative (903), is backed by a robust $25.8 million loan from Royal Bank of Canada (RBC), serving as Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent. This financial partnership underscores PowerBank’s commitment to innovative, eco-conscious energy solutions.
SFF-06 is owned by 1000234763 Ontario Inc. (ProjectCo), in which PowerBank holds a 50% stake, with the remaining 50% owned by a partnership of First Nations communities in Ontario.
Acquired through PowerBank’s $45 million valued acquisition of Solar Flow-Through Funds Ltd. in July 2024, this project positions the company in a battery storage market projected to increase to $31.2 billion by 2029, growing at a 16.3% CAGR, according to Fortune Business Insights.
Expert Partnership. PowerBank has tapped Anvil Crawler Development Corp., part of the esteemed Skyline Group of Companies, to handle civil and electrical work. With a $1.85 million contract, Anvil Crawler brings its expertise to ensure seamless project execution.
Long-Term Value with IESO Contract. In July 2023, SFF-06 secured a 22-year contract through the Independent Electricity System Operator’s (IESO) Expedited Long-Term RFP (E-LT1 RFP). With a fixed capacity payment of $1,221/MW per business day—well above the $876/MW average for storage projects—this contract ensures strong financial returns.
Once operational, SFF-06 will deliver 4.74 MW of daily contract capacity for 251 business days annually, powering Ontario’s grid with reliable, clean energy.
Clean Tech Incentives. The project qualifies for the 2024 Clean Technology Investment Tax Credit, offering up to 30% reimbursement of eligible capital costs. This refundable credit enhances SFF-06’s financial performance while aligning with PowerBank’s mission to accelerate renewable energy adoption through strategic government incentives.
PowerBank’s SFF-06 project is a significant development for Ontario’s energy landscape, blending cutting-edge technology, strategic partnerships, and sustainable investment to drive the clean energy revolution forward.
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