SolarBank Begins Construction on Ontario Battery Storage Project

SolarBank Corporation has initiated construction on its first battery energy storage system in Ontario, backed by a $25.8 million financing from the Royal Bank of Canada. This project, alongside two others, aims to tap into the growing energy storage market projected to reach $31.2 billion by 2029 and is secured by a 22-year contract with Ontario's electricity operator. Additionally, SolarBank has partnered with Viridi to develop a 3.06 MW community solar project combined with a 1.2 MWh battery storage system on a closed landfill in Buffalo, New York. This collaboration will utilize Viridi's innovative battery technology, which incorporates safety features to prevent thermal runaway. The Buffalo project aims to convert previously unusable land into a source of clean energy for the community. Both projects underscore SolarBank's commitment to expanding its renewable energy portfolio across North America.