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PowerBank Announces Commercial Operation of First Battery Energy Storage System in Ontario
PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to announce that the 4.99 MW Battery Energy Storage System ("BESS") project in Cramahe, Ontario, also known as BESS SFF 06 (the "Project"), has reached Commercial Operation and commenced revenue producing operations.
About this update from Powerbank Corporation
[{"type":"text","content":"4.99 MW Ontario BESS Project Achieves Commercial Operation, Securing 22-Year Revenue Contract with the IESO ","length":107,"tagName":"p","attribs":{}},{"type":"text","content":"TORONTO, May 5, 2026 /CNW/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to announce that the 4.99 MW Battery Energy Storage System ("BESS") project in Cramahe, Ontario, also known as BESS SFF 06 (the "Project"), has reached Commercial Operation and commenced revenue producing operations.","length":474,"tagName":"p"},{"type":"image","alt":"BESS SFF 06 project (Photo: PowerBank Corporation). (CNW Group/PowerBank Corporation)","displaySize":"","headline":null,"caption":"BESS SFF 06 project (Photo: PowerBank Corporation). (CNW Group/PowerBank Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":225,"url":"https://media.zenfs.com/en/prnewswire.com/e1d47c2fa1402d1163875adec96c4eeb"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/_YVvykjUM.7r2pkuzCYfNw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--/https://media.zenfs.com/en/prnewswire.com/e1d47c2fa1402d1163875adec96c4eeb","width":400,"height":225}},"href":"https://mma.prnewswire.com/media/2972494/PowerBank_Corporation_PowerBank_Announces_Commercial_Operation_o.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"BESS SFF 06 has been constructed and is operating at the site of an existing ground-mount solar project. The existing solar project is a separate project which was awarded a contract in 2015 by the Independent Electricity System Operator ("IESO") under the Feed In Tariff program. In July 2023, the Project was awarded a contract by the IESO under the Expedited Long-Term RFP (E-LT1 RFP). The contract, which has a term of 22 years, includes a fixed contract capacity payment of $1,221/MW per business day, significantly above the weighted average price of $876/MW for all storage category projects under the E-LT1 RFP. This underscores the competitive positioning of these projects in the Ontario energy storage market. Now that the project is operational, it will have 4.74 MW of daily contract capacity available (at a capacity payment to ProjectCo of $1,221...