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-Largest battery storage mission in Canada-
Toronto, Ontario – February 10, 2023: Aecon Group Inc. (TSX: ARE) introduced at present that Oneida Power Storage Restricted Partnership (Oneida LP), a consortium wherein Aecon Concessions shall be an fairness companion, has executed an settlement with the Impartial Electrical energy System Operator (IESO) for the Oneida Power Storage Challenge to ship a 250 megawatt / 1,000 megawatt-hour vitality storage facility close to Nanticoke, Ontario. Beneath the settlement, Aecon has been awarded a $141 million Engineering, Procurement and Development (EPC) contract by Oneida LP. The worth of the contract was added to Aecon’s Development phase backlog within the fourth quarter of 2022.
NRStor, the Six Nations of the Grand River Improvement Company (SNGRDC), Northland Energy and Aecon Concessions would be the house owners of Oneida LP, which is able to present electrical energy storage companies to the IESO by a 20-year settlement and obtain mounted availability funds from IESO for capability companies, in addition to income from vitality bought into the Ontario electrical energy grid and working reserve. Tesla is the battery provider and has executed a battery provide settlement with Oneida LP.
The mission is the biggest of its type in Canada and amongst the biggest on the earth. It can present a gigawatt-hour of a lot wanted capability to the Ontario grid, whereas prioritizing native Indigenous partnerships and environmental advantages. The scope of labor consists of designing the power, procuring steadiness of plant facility gear, putting in gear foundations, electrical homes, battery transformers, switchgears and underground cabling, in addition to establishing a excessive voltage substation, and commissioning and startup actions. Development is predicted to begin within the second quarter of 2023, with anticipated completion in 2025.
“As a pacesetter within the vitality transition, Aecon is working on the forefront to construct and function sustainable infrastructure and the battery vitality storage market provides strong alternatives for continued progress in a big international market,” mentioned Jean-Louis Servranckx, President and Chief Govt Officer, Aecon Group Inc. “We’re happy to mix the multidisciplinary experience of Aecon’s Development and Concessions groups to ship this sustainable mission that may enhance electrical energy administration throughout peak demand, scale back GHG emissions, and assist financial improvement and long-term partnerships with Indigenous communities – creating vitality financial savings to fulfill the wants of future generations. Constructing on our current Aecon-Six Nations three way partnership with the SNGRDC, this partnership is a pure development, and we look ahead to working with all companions to ship this revolutionary mission,” mentioned Servranckx.
The mission will guarantee the availability of unpolluted, dependable electrical energy capability for Ontario whereas decreasing greenhouse fuel emissions by 4.1 million tonnes – the equal of taking 40,000 automobiles off the highway yearly. The power will draw and retailer current surplus baseload and renewable vitality throughout off-peak durations and launch that vitality again to the grid when demand is at its peak. As well as, it should assist stabilize Ontario’s electrical energy sector by offering vital grid balancing companies and advantages to provincial ratepayers, together with decreasing the necessity and price related to utilizing gas-fired energy crops throughout instances of peak demand.
The Canada Infrastructure Financial institution has performed a key function supporting mission improvement and is collaborating with the Oneida Power Storage Challenge on an funding settlement. Pure Assets Canada has offered $50 million in funding from the Sensible Renewables and Electrification Pathways program. The mission contributes to Canada’s ongoing transition to a net-zero economic system by 2050 and dedication to reaching a 100 per cent net-zero-emitting electrical energy system by 2035.
Be part of our Crew
Be part of this thrilling renewable vitality mission. Aecon is presently recruiting for a various vary of roles to work on a few of the most transformative initiatives throughout Canada. As a first-choice employer, we’re in search of gifted and various people to construct what issues and assist future generations thrive. Apply at present: aecon.com/careers
About Aecon
As a Canadian chief in building and infrastructure improvement with international experience, Aecon Group Inc. (TSX: ARE) strives to be the primary Canadian infrastructure firm and is proud to be acknowledged as one of many Finest Employers and Finest 50 Company Residents in Canada. Aecon safely, profitably and sustainably delivers built-in options to non-public and public-sector shoppers by its Development phase within the Civil, City Transportation, Nuclear, Utility and Industrial sectors, and gives mission improvement, financing, funding and administration companies by its Concessions phase. Be part of our on-line neighborhood on Twitter, LinkedIn, Fb, Instagram and TikTok @AeconGroupInc.
Assertion on Ahead-Trying Data
The knowledge on this press launch consists of sure forward-looking statements. These forward-looking statements are primarily based on presently accessible aggressive, monetary and financial information and working plans however are topic to dangers and uncertainties. Along with occasions past Aecon’s management, there are elements which may trigger precise or future outcomes, efficiency or achievements to vary materially from these expressed or inferred herein, as mentioned in better element in Part 13 – “Danger Components” within the Administration’s Dialogue and Evaluation filed on March 1, 2022, in respect of the interval ended September 30, 2022, and filed on October 26, 2022. Besides as required by relevant securities legal guidelines, forward-looking statements converse solely as of the date on which they’re made and Aecon undertakes no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions or in any other case, besides as required by relevant legislation and the forward-looking statements contained herein are expressly certified of their entirety by the cautionary assertion.
For additional data:
Adam Borgatti
SVP, Company Improvement and Investor Relations
416-297-2600
ir@aecon.com
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