Powerbank, GrandBridge to develop Ont. solar, storage

Executive Summary

• GrandBridge Corp. and Powerbank Corp. have entered into a co-development agreement to jointly develop and invest in solar energy and battery storage projects within GrandBridge Energy's service territory in Ontario.
• The partnership focuses on projects with a nameplate capacity of 2 MWac or greater, targeting submission under IESO long-term procurement and local generation programs, as well as alternative commercialization opportunities like virtual power purchase agreements (VPPAs).
• GrandBridge will provide development and construction capital and hold an 80% ownership interest in the projects, while Powerbank will lead development and construction and hold a 20% interest, with an exclusive three-year development period.

Key Details

• Agreement Type: Co-development and investment agreement for solar and battery storage projects.
• Geographic Scope: Within the service territory of GrandBridge Energy, specifically encompassing the city of Brantford, the city of Cambridge, the township of North Dumfries, and the county of Brant in Ontario, Canada.
• Project Specifications: Projects must have a nameplate capacity of 2 MWac (megawatts alternating current) or greater.
• Roles and Responsibilities:
  • Powerbank: Leads project development and construction.
  • GrandBridge: Provides development and construction capital.
• Ownership Structure:
  • Standard split: GrandBridge holds 80%, Powerbank holds 20% upon financial close.
  • Indigenous adjustment: If First Nation partners participate, the 80/20 split applies to the remaining ownership after First Nation participation.
• Development Period: Exclusive collaboration for a period of three years.
• Commercialization Strategies: Pursuit of projects through IESO RFPs, local generation programs, virtual power purchase agreements (VPPAs), net metering, and other procurement mechanisms.
• Strategic Context: GrandBridge aims to alleviate pressure on transmission capacity and limit grid congestion using solar and battery storage, leveraging its "GridShare" local capacity auction program.
• Powerbank Background: Has developed over 100 MW of renewable energy projects across North America and holds a potential development pipeline of over 1 GW.

Notable Quotes

• Sarah Hughes, President and CEO, GrandBridge: "Solar generation and battery storage solutions can be developed in relatively short time frames and at competitive costs, alleviating the pressure of securing incremental transmission capacity... these resources can form part of an affordable toolkit to help limit grid congestion."
• Dr. Richard Lu, President and CEO, Powerbank: "This partnership reflects our commitment to deploying our development and construction expertise to meet the province's rapidly evolving energy needs... Together, we are well positioned to respond to the growing demand for local generation capacity and contribute to the long-term resilience of Southwest Ontario's electricity grid."