Latest news with #IESO
Cision Canada
6 days ago
- Business
- Cision Canada
PowerBank (SUUN) Begins Installation of First Battery Energy Storage System in Ontario
TORONTO, Aug. 6, 2025 /CNW/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), 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. Project Risks. There are several risks associated with the development of the Project. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for the Company, the risks associated with the construction of a battery energy storage project and the degradation of battery storage capacity over time based on the number of discharge cycles. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for battery energy storage, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the projects and statements made in this press release. As previously disclosed, the 903 project remains in the permitting process and commencement of construction remains subject to the receipt of final permits. In particular, in order to proceed with construction of the 903 project an Official Plan Amendment and Zoning By-law Amendment (" OPA/ZBA") are required from the Town of Armour, Ontario. On November 8, 2022 the ProjectCo -1000234763 Ontario Inc received a Municipal Support Resolution, which was unanimously approved by the council for the Town of Armour. However, the OPA/ZBA have been delayed as a result of certain public opposition and the council's evaluation of how to respond to such opposition. A delay in obtaining the necessary OPA/ZBA means that ProjectCo may not be able to commence construction on the originally planned timeline and delaying construction means that achieving commercial operation on or before April 2026 will be delayed. In order to extend the deadline for commercial operation under the E-LT1 contract for the project, ProjectCo has sent the IESO a notice of potential force majeure event to the OPA/ZBA delay. The timing of the issuance of the OPA/ZBA and its impact on project schedule remains uncertain. The permitting delays have delayed certain payments due to Evlo for the battery energy storage system for the 903 project and OZ-1 project (which is also undergoing permitting). Evlo and the Company are negotiating an accommodation on the payment deadlines, but there is no certainty on the outcome of such negotiations. About PowerBank Corporation PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the terms of the Loan; the use of proceeds from the Loan and draw downs under the Loan; the Company's growth strategies the expected energy production from the Project mentioned in this press release; the timeline for construction of the Project; the receipt of permits and financing to be able to construct the Projects; the receipt of incentives for the Project; and the size of the Company's development pipeline. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company and Evlo may not be able to negotiate an extension of payments that are due to Evlo; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation and tariffs; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Hamilton Spectator
24-07-2025
- Business
- Hamilton Spectator
Will Southwest Middlesex Say Yes to Wind Turbines?
SOUTHWEST MIDDLESEX – A recent presentation by Venfor Inc. proposing the construction of 17 wind turbines within the municipality has ignited a strong public backlash, as residents raise concerns over environmental impacts, long-term land use, and community transparency. On July 16, representatives from Venfor Inc. appeared before council to present their plan to participate in Ontario's Long-Term 2 (LT2) electricity procurement process. The company seeks municipal approval in the form of a Municipal Support Resolution (MSR), a requirement for its bid submission to the Independent Electricity System Operator (IESO) this fall. Peter Budd, a founding shareholder of Venfor Inc., emphasized the urgency of Ontario's energy shortage. 'We know we are short of electricity in Ontario,' Budd told council. 'We are importing. The demand is going to double by 2050.' He positioned the project as an opportunity for the municipality to secure new revenue streams through a Community Benefits Agreement, estimating $300,000 annually for every 100 megawatts of energy generated. Each proposed turbine would produce 6.1 megawatts, with the current configuration surpassing 100 megawatts. The company claims to have signed option and lease agreements with 17 landowners and offered $30,000 per year to each for hosting a turbine, potentially over 20 to 30 years. Deputy Mayor Mike Sholdice raised questions about the turbine count and compensation, while Councillor Ed Myers expressed concerns about groundwater contamination, citing 'horror stories in other municipalities.' Budd assured that a full hydrogeological study would be conducted, referencing lessons learned from past issues in Chatham-Kent. Despite these assurances, residents have voiced overwhelming opposition. A Facebook post by Deputy Mayor Sholdice requesting feedback on the proposal garnered over 100 public comments within days, with the vast majority opposing the project. Residents cited concerns about noise pollution, aesthetics, health impacts, and damage to wildlife and farmland. 'Wind turbines ruin the landscape and take away any sense of peace that comes with country living,' wrote one resident. Others questioned the lifespan and reliability of the technology, warning that 'they start severely degrading around 10–15 years' despite being marketed for 20–30 years of use. Water safety emerged as a particularly emotional flashpoint. One commenter claimed, 'This was our well water immediately after they started pile driving the H beams into the ground,' accompanied by a photo of visibly contaminated water. 'They hammered 100-foot steel beams into the aquifer… and the vibrations never let the sediment settle,' another added. These stories have prompted fears of long-term environmental degradation and public health risks. In response, a petition titled Say No to Wind Turbines in Southwest Middlesex was launched online and has begun collecting signatures from residents opposing the project. The sentiment shared among many is that while renewable energy is necessary, this particular development may impose too great a cost on the local community. The presentation also noted that Venfor intends to include First Nations equity partnerships and comply with all provincial regulations, including an Agricultural Impact Assessment and Environmental Review. However, some residents remained unconvinced, with several noting that Venfor is primarily a development firm and may sell the project once permits and agreements are secured. 'Venfor is not the company seeing the project through to decommissioning,' one commenter wrote. 'They won't be the ones honouring the original terms.' Mayor Allan Mayhew thanked the delegation and confirmed that council would deliberate further. 'The proposal cannot proceed without municipal support,' he said. Council is expected to make a decision by mid-October to meet the IESO's deadline. For now, the community remains sharply divided. While some landowners see financial incentive, many residents are calling for more public meetings and transparency before any resolution is passed. As one citizen wrote: 'If council votes yes, they should put them in their own backyard first and tell us how it works out.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
03-07-2025
- Business
- Yahoo
Hut 8 secures five-year power contracts in Ontario, Canada
Hut 8 has secured five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for 310MW of power generation assets. The awarded contracts follow successful bids by Far North Power, a joint venture between Hut 8 and Macquarie Equipment Finance (part of Macquarie Group), in the IESO Medium-Term 2 (MT2) capacity auction. The portfolio has a total nameplate capacity of 310MW across sites at Iroquois Falls, Kingston, Kapuskasing and North Bay. These agreements include a weighted average capacity payment of C$530 ($388) per MW-business day for the first year with provisions for inflation indexation. This financial structure provides an avenue for potential increases over time while securing stable cash flows for Hut 8's operations. Hut 8 states that as these fixed five-year contracts replace short-term seasonal ones, there is notable cash flow stabilisation which diminishes earnings volatility – an essential factor for investors and stakeholders within the sector looking towards sustainable profitability. Hut 8 CEO Asher Genoot stated: 'Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team. 'It reflects our proactive approach to portfolio management and our focus on identifying value-accretive opportunities to maximise returns on our power assets.' Upside potential exists through additional energy sales into the growing Ontario market. Projections indicate that electricity demand could surge by up to 75% by 2050, with anticipated capacity shortages as high as 5.8 GW by 2030 according to IESO forecasts. These conditions are expected to drive increased dependence on the current dispatchable assets. Macquarie Group commodities and global markets business managing director Joshua Stevens stated: 'This milestone for Far North is affirmation of the business and our relationship with Hut 8. 'These contracts position the Far North power plants in Ontario for long-term relevance in a capacity-constrained power market, demonstrating the value we strive to bring as a capital provider.' "Hut 8 secures five-year power contracts in Ontario, Canada" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
Hut 8 Just Nabbed an Energy Supply Deal. Should You Buy the Bitcoin Mining Stock Now?
Hut 8 (HUT) shares closed nearly 15% up on Wednesday, July 2 after announcing a series of 'five-year capacity contracts' with the Ontario Independent Electricity System Operator (IESO). Asher Genoot, chief executive of the Bitcoin (BTCUSDT) mining firm, dubbed these contracts 'a testament to the commercial and regulatory fluency of our power-native team,' in a press release on Wednesday. Is UnitedHealth Stock a Buy, Sell, or Hold for July 2025? Michael Saylor Says 'You'll Wish You'd Bought More' Bitcoin as MicroStrategy Doubles Down Is Microsoft Stock About to Go Nuclear? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Including Wednesday's surge, Hut 8 stock is up nearly 110% versus its year-to-date low set in late April. IESO contracts are strategically positive for HUT shares as they offer long-term, stable cash flows tied to a government-backed agency, significantly reducing earnings volatility – a key concern in crypto stocks. Moreover, the plants will earn an average of 530 CAD per MW-business day. This means that Hut 8 is locking in predictable revenue across 310 MW of dispatchable capacity, strengthening its non-crypto business. Investors cheered Hut 8 shares on Wednesday because the IESO news positions the Nasdaq-listed firm to benefit from secular tailwinds in Ontario's power market as well, where electricity demand is projected to grow 75% by 2050. In short, this agreement not only validates Hut 8's 'power-native strategy' but also diversifies and derisks its business model, potentially enhancing its appeal to long-term institutional investors. Hut 8 stock has doubled from its year-to-date lows, but Darren Aftahi, a senior Roth MKM analyst, remains convinced that it's not done pleasing its shareholders just yet. Aftahi reiterated his 'Buy' rating on HUT shares this week, citing the company's transformation from a pure-play Bitcoin miner to a hybrid infrastructure firm that allocates power to BTC mining, high-performance computing (HPC) and AI cloud workloads. He expects Hut 8 to hit $25 per share in the second half of 2025 as it continues to optimize capital expenditures and accelerate speed-to-market on the back of this strategic pivot. Investors should note that other Wall Street analysts remain constructive on HUT stock as well. The consensus rating on Hut 8 shares currently sits at 'Strong Buy' with the mean target of about $26.50 indicating potential for another 25% upside from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
CBC
26-06-2025
- Business
- CBC
Ottawa's electricity use projected to surge, forcing grid expansion
Demand for electricity in Ottawa is projected to soar over the next two decades, especially during the winter, and hundreds of millions of dollars worth of new infrastructure is being planned to ensure power continues to get to the city's grid. The upgrades and expansions could be paid for, at least in part, by a proposed $6.08 increase to residential users' monthly Hydro Ottawa bills as of January 2026. By 2043, Ontario's Independent Electricity System Operator (IESO) estimates electricity use in winter will jump a whopping 166 per cent in Ottawa. Summer demand is also expected to grow, but at a slower rate of 33 per cent. The IESO, which manages Ontario's electricity needs, has spent the past couple of years working with the many players in the industry to update its forecasts for the power Ottawa will need. It released a roadmap this month for how to meet that demand. The main reason why winter electricity use might someday eclipse the demand of summer air conditioning comes down to how buildings are heated, said Kennan Ip, the IESO's senior manager of transmission integration for eastern and northern Ontario. Gas furnaces are expected to be swapped out for electric heat pumps, he explained. The economy and population are also expected to grow, and the City of Ottawa has stated goals to transition away from fossil fuels. The municipality is buying e-buses and expanding its electric light rail system. Residents are plugging in electric vehicles. Hydro Ottawa reports ministry data showing about 17,000 electric vehicles are already registered in the city. As generative artificial intelligence takes off, companies that build power-hungry data centres are also seeking to tie into the grid, said Hydro Ottawa Group CEO Bryce Conrad. Those warehouses filled with IT servers require significant power for cooling. Transmission lines, substations needed The IESO recommends more stations in Ottawa and two more transmission lines in the west of the city in the next few years alone — building blocks to keep up with the anticipated surge in demand. The system is reliable right now, but nimble planning and care is needed to make sure it stays that way, said Ip. "The key is you don't want to overbuild because it will certainly be a negative impact to to our ratepayers," he said. "But at the same time, you don't want to underbuild because you'll end up being that barrier to to growth." Even though the downtown will see great demand for power, it's extremely costly to add underground cables, he explained. Instead, the recommendation is to build out capacity in Kanata, Stittsville and Nepean to shift the load. Hydro Ottawa Group is responsible for its own substations, poles and lines that take high-voltage power from transmission lines and convert it to lower voltage that can be distributed to homes and businesses. The municipally owned utility sees spending a record $1.2 billion over the next five years — double what it's been spending on capital infrastructure. Where it usually builds a substation every five years, it will build one each year, Conrad said. "So a massive, massive upswing in the amount of work that needs to be done, and that's just to keep pace with what we know is coming," said Conrad. In his annual presentation to city council on Wednesday, Conrad underscored the global trend toward electrification and away from fossil fuels. "Make no mistake: This shift is seismic," he told them. Bills could rise $6 per month To help pay for all of this infrastructure, electricity distributors in other cities have applied to increase their rates, and Ottawa is doing the same, Conrad said. The city has an application before the Ontario Energy Board that proposes raising the distribution part of the bill for which Hydro Ottawa is responsible by 17.6 per cent come Jan. 1, 2026, or $6.08 per month on average. That would be followed by an increase of $3.79 in 2027, $3.31 in 2028, $2.76 in 2029 and $2.78 in 2030, according to documents submitted to the board. The cost of generating and transmitting the power makes up the bulk of a hydro bill, while less than a quarter goes to Hydro Ottawa for distributing that electricity. But Conrad says ratepayers can't foot the entire bill for all of this infrastructure. He called on the federal government to contribute, because he sees building capacity on the electricity grid as a nation-building project. "We've got to do in the next 20 years what it's taken us 100 years to do," he said.
