KfW IPEX-Bank and Desjardins Group provide financing for Canada’s largest battery energy storage project

KfW IPEX-Bank has structured and underwritten a financing for the Skyview 2 Battery Energy Storage System, Canada’s largest battery energy storage project selected under Ontario’s LT1 procurement program, in close partnership with Desjardins Group.

The transaction comprises approximately CAD 542 million in total financing volume with KfW IPEX-Bank acting as sole Bookrunner, Underwriter and Joint Lead Arranger and Desjardins Group as Administrative Agent, Collateral Agent, Joint Lead Arranger and Senior Lender.

Skyview 2 is a 411 MW / 1,858 MWh battery energy storage project located in Ontario and benefits from a long-term capacity agreement with the Independent Electricity System Operator (IESO). The project is owned by the Power Sustainable Energy Infrastructure Partnership (PSEIP) and the Algonquins of Pikwakanagan, with Potentia Renewables acting as developer on behalf of PSEIP.

This landmark project will significantly enhance grid stability and flexibility in Ontario and represents an important step in the deployment of 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,” said Dr Velibor Marjanovic, member of the Management Board of KfW IPEX-Bank. “The Skyview project demonstrates how strong international partnerships can support the deployment of energy storage at scale while strengthening grid resilience.”