TD Bank to Equip Alberta with Arrays of Tesla Batteries for Energy Storage
Citing a new report by The Globe and Mail (via Tesla North), Toronto-Dominion Bank (TD) is all set to equip Alberta with arrays of batteries and three Tesla Megapacks for energy storage. The project is said to be worth tens of millions of dollars and will generate around 60 megawatts of storage capacity.
👏🏼 “Toronto-Dominion Bank’s asset-management arm is launching a project worth tens of millions of dollars to install arrays of Tesla batteries in #Alberta, in what will be Canada’s largest use of the technology for energy storage.” https://t.co/17EkrSVtop
— Gabriela Gonzalez (@GabrielaGS_)
Prompted by the fast-growing electric vehicle (EV) market, the project dubbed ‘eReserve’ is aimed at helping store extra power while balancing the province’s power grid as more renewable energy is added over the next several years.
The power generated by the battery installations will be purchased by WCSB Power Holdings, which is owned by the TD Greystone Infrastructure fund.
Jeff Mouland, TD’s managing director and the head of the infrastructure at the company’s asset-management unit, told reporters, “We are an ac tive in vestor in green en ergy, sus tain able en ergy, and that’s ex tremely im por tant for us.” He continued, “So when we have an op por tu nity to go into a mar ket and pro vide a ser vice to that mar ket with the con cept of a green an gle, we will do that.”
eReserve is scheduled to be built and tied to the grid by mid-2021 and will be the largest battery storage program in Alberta.