KfW IPEX-Bank and the Desjardins Group have structured and underwritten financing amounting to C$542 million ( US$398 million ) for Skyview 2, Canada’s largest battery energy storage system ( BESS ) project to date.    

The lithium-ion BESS facility, with 411 megawatts ( 1,858 megawatt-hours ) of capacity, occupies about 30 acres of land in the township of Edwardsburgh Cardinal, Ontario.  

The project is owned by Skyview BESS, which is indirectly owned by subsidiaries of the Algonquins of Pikwàkanagàn First Nation and Power Sustainable Energy Infrastructure ( PSEIP ), a private investment fund. Potentia Renewables, a subsidiary of Power Corporation of Canada, provides asset management services to PSEIP and Skyview.

KfW IPEX-Bank acted as the sole bookrunner, underwriter, and joint lead arranger, while the Desjardins Group was the administrative agent, collateral agent, joint lead arranger, and senior lender.

According to KfW IPEX-Bank, the project will significantly enhance grid stability and flexibility in Ontario and represents an important step in deploying large-scale energy storage in Canada.

“We are proud to provide, together with Desjardins Group, financing for this important milestone for large-scale battery energy storage in Canada,” says Velibor Marjanovic, a member of the KfW IPEX-Bank management board. “The Skyview project demonstrates how strong international partnerships can support the deployment of energy storage at scale, while strengthening grid resilience.”