Following planning and zoning approvals secured on July 21, 2026, PowerBank’s 903 BESS project is progressing through Site Plan Approval in Ontario. All construction permits are expected in Q4 2026, while the project holds a 22-year IESO contract with a fixed capacity payment of $1,221/MW per business day.
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PowerBank Corporation, a North American solar and BESS developer, has secured Official Plan Amendment and Zoning Bylaw Amendment approvals for the 903 BESS project in Ontario. The approvals were obtained recently, following a permitting phase that included public consultation. The project is now progressing through Site Plan Approval.
PowerBank expects the project to receive all permits required to begin construction in Q4 2026. The 903 BESS development is the company’s second Ontario BESS project to reach this permitting stage. The source does not disclose the project’s MW or MWh capacity.
The project secured a 22-year contract in July 2023 through the Independent Electricity System Operator’s Expedited Long-Term Request for Proposals, known as the E-LT1 RFP. Its fixed capacity payment is $1,221/MW per business day, compared with an average of $876/MW for storage projects selected through the procurement process.
The planned system is intended to participate in energy arbitrage by discharging during periods of higher electricity demand and prices before recharging from the grid when demand and prices are lower. Capacity payments compensate participating projects for making capacity available to the electricity system.
The project is owned by 1000234763 Ontario Inc. PowerBank holds a 50% interest in the project company, while a partnership of First Nations communities in Ontario owns the other 50%. PowerBank has completed more than 100 MW of energy projects and reports a development pipeline exceeding 1 GW.
Project development remains subject to final permits, third-party financing availability, construction risks and battery degradation associated with discharge cycles. Changes to government incentives or policy support could also affect the economics of future BESS developments. Separately, Grand View Research projects the BESS market to increase from US$17.4 billion in 2026 to US$99.7 billion by 2033, representing a 28.3% compound annual growth rate.