As the world plunges forward into sustainable transportation, the electrical grids in most places will require some sort of upgrade to accommodate the growth of the electric vehicle (EV) market.
Now, according to a report by The Globe and Mail, Toronto-Dominion Bank (TD) will be equipping Alberta regions with batteries and three Tesla Megapacks. The move is set to help store extra power, while balancing the province’s power grid as more renewable energy is added over the next several years.
The total power generated is expected to be 60 megawatts of storage capacity, and will be purchased by WCSB Power Holdings, which is owned by the TD Greystone Infrastructure fund.
👏🏼 “Toronto-Dominion Bank’s asset-management arm is launching a project worth tens of millions of dollars to install arrays of Tesla batteries in #Alberta, in what will be Canada’s largest use of the technology for energy storage.” https://t.co/17EkrSVtop
— Gabriela González (@GabrielainYYC) October 5, 2020
Jeff Mouland, TD’s managing director and the head of infrastructure at the company’s asset-management unit, told reporters, “We are an active investor in green energy, sustainable energy, and that’s extremely important for us.” He continued, “So when we have an opportunity to go into a market and provide a service to that market with the concept of a green angle, we will do that.”
Up to 49% of TD’s holdings are in the renewable energy sector, so the company isn’t afraid to put its wallet where its mouth is. Other Tesla investments in the country have also shown signs of cooperation with the Canadian government.
The project, which TD is calling eReserve, is set to be the largest battery storage program in Alberta, and is scheduled to be built and tied to the grid by mid-2021.
