Toronto — TD Asset Management Inc. (“TDAM”) is pleased to announce that the TD Greystone Infrastructure Fund (the “Fund”) has invested in Canada’s largest battery storage project (“eReserve” or the “Project”) located in Alberta, Canada.
The Project will consist of up to 60 MW of Tesla Megapack Batteries, providing energy balancing and grid frequency regulation services that support Alberta’s growth in sustainable energy.
Construction of the Project commenced in September, beginning with the advancement of funds to commission the first of three 20 MW battery storage projects (“eReserve 1”) scheduled to be in service by December 2020.
The Project will be owned and managed by the Fund’s wholly-owned, western Canadian power investment platform, WCSB Power Holdings LP (“WCSB Power”). TERIC Power Ltd. has been engaged to design and manage the construction of the Project. Additionally, this agreement provides the option for WCSB Power to construct and operate two additional 20 MW battery projects, eReserve 2 & 3, scheduled to be in service in 2021. Once fully constructed, WCSB Power is anticipated to operate the largest fleet of Tesla Megapack batteries in Canada.
The Tesla Megapack batteries will provide various operational strategies to support Alberta’s electrical grid.
These applications will focus on the delivery of sustainable energy, renewable generation smoothing, system voltage and capacity support, as well as grid frequency regulation. WCSB Power has engaged URICA Energy Asset Optimization Ltd. to provide commercial services and optimize the operation of the Megapack in a carbon-neutral manner to assist WCSB Power in achieving its ESG targets.
“We are incredibly proud of this investment, which adds to WCSB Power’s existing generation capacity and supports our goal of becoming a market leader of energy storage projects in Canada. This investment highlights our continued strategy to invest in sustainable technologies while furthering the growth and evolution of Alberta’s energy needs,” said Jeff Mouland, Managing Director and Head of Infrastructure Investments, TDAM. “The investment also demonstrates to our clients and stakeholders our ability to invest in sustainable power generation technologies and distribution projects within Canada.”