PowerBank Corporation has entered into a Fee for Service Development Agreement with 1001634281 Ontario Inc., an entity connected with the Electric Vehicle & Green Energy Advancement Association Canada, to support the early development of a battery energy storage project in Ontario. The agreement is aimed at positioning the project for participation in the Independent Electricity System Operator’s (IESO) Second Long-Term (c-2) procurement process.
Under the agreement, PowerBank will provide early-stage development services for a battery energy storage project that is expected to be submitted under the IESO’s LT2(c-2) Request for Proposals. If the project receives a contract through the procurement programme, PowerBank will enter into a fee-for-service arrangement to advance the project toward the notice-to-proceed stage. The notice-to-proceed stage would be reached following completion of the required permitting process.
PowerBank will also have a right of first refusal to serve as the Engineering, Procurement and Construction (EPC) provider for the project if a contract is awarded. Separately, the company will assist 1001634281 Ontario Inc. in exploring a potential 18 MW Battery Energy Storage System (BESS) in Hamilton, Ontario. The potential Hamilton project adds another opportunity for battery storage development in the province.
The agreement comes as Ontario’s electricity system prepares for continued growth in demand. The IESO is conducting the Long-Term 2 Request for Proposals as its primary competitive procurement mechanism for securing new capacity and energy resources for the 2030s and beyond. The LT2(c-2) procurement represents the second capacity-stream window of the LT2 process, following the earlier LT2(c-1) window.
PowerBank said the agreement expands its opportunity to participate in Ontario’s energy storage market. According to the company, battery storage is becoming an important part of the changing energy infrastructure landscape, while the agreement builds on its experience in developing battery energy storage projects, including the SFF-06 BESS project. PowerBank has previously announced other BESS developments in Ontario, including the 903 project.
With the new development agreement, PowerBank is looking to strengthen its battery energy storage pipeline in Ontario while pursuing opportunities through the province’s long-term electricity procurement framework. The company develops renewable energy and BESS projects across North America and has reported a development pipeline exceeding one gigawatt, along with more than 100 MW of completed projects.
