TD Bank’s asset management arm has launched a Tesla battery project in Alberta.
As first reported by The Globe and Mail, the project is worth “tens of millions of dollars” and will serve as Canada’s “largest use” of the energy storage technology.
Specifically, the initiative — which TD is calling ‘eReserve’ — will equip the province with batteries and three 20megawatt Tesla Megapacks, which will help store extra power and balance the province’s power grid as more renewable energy is added in the years to come.
The first Megapack is currently being built in Rycroft and is scheduled to be ready for service by December. Buffalo Creek and Grande Prairie will also receive installations by mid-2021. Calgary-based WCSB will own and manage the equipment at all three sites.
While TD declined to provide specific cost estimates to The Globe, the outlet notes that comparable 10megawatt installations have been in the $15- to $16-million range.
Source: The Globe and Mail