Toronto-based renewable energy developer PowerBank Corporation has completed final “hot” commissioning of its 4.99 MW SFF-06 standalone battery energy storage system in Ontario. The EVLO-supplied project is on track for commercial operation in January 2026 under a 22-year IESO capacity contract, providing long-term revenue certainty and expanding PowerBank’s Ontario storage footprint.
PROJECT SNAPSHOT
Toronto-based renewable energy developer, PowerBank Corporation, has announced the final commissioning of 4.99 MW Solar Flow-Through Funds (SFF-06) battery energy storage system project in Ontario, Canada. The standalone facility is expected to reach commercial operation in January 2026, after securing all required technical and regulatory approvals.
The project is currently in the final stages of “hot” commissioning in collaboration with battery supplier EVLO. This phase includes validation of system performance, grid interconnection testing, and safety checks required for operation on the provincial electricity network. The facility comprises nine EVLO battery containers, which have been installed and integrated to enable delivery of contracted capacity to the Ontario grid.
SFF-06 is owned by 1000234763 Ontario Inc., a project company in which PowerBank holds a 50% equity interest, with the remaining 50% owned by a partnership of First Nations communities in Ontario.
In July 2023, the project secured a 22-year capacity contract through the Independent Electricity System Operator’s Expedited Long-Term Request for Proposals program. Under the agreement, SFF-06 is contracted to deliver 4.74 MW of daily capacity for up to 251 business days each year. The contract includes a fixed payment of USD 1,221 per MW per business day, exceeding the average awarded price for comparable storage projects under the same procurement round. Revenue certainty under the long-term contract is expected to support stable cash flows once the project reaches commercial operation.
The SFF-06 project was acquired as part of PowerBank’s acquisition of Solar Flow-Through Funds Ltd. in July 2024, a transaction valued at USD 45 million. Through this acquisition, PowerBank expanded its exposure to the Ontario battery storage market, which is expected to increase in scale over the coming years. The project is also eligible for Canada’s 2024 Clean Technology Investment Tax Credit, which provides a refundable credit of up to 30% of eligible capital costs.
Alongwith SFF-06, PowerBank continues development activity on other battery storage projects in Ontario, including the 903 project and the OZ-1 project. The company has disclosed that equipment supply and long-term service agreements for OZ-1 were terminated following permitting delays, while schedules for remaining projects are being adjusted. PowerBank has also entered into extended warranty arrangements covering SFF-06 and the 903 project to support long-term asset performance.