Hydrostor secures CAD 50 million convertible development loan from Canada Growth Fund for Quinte Energy Storage Centre A-CAES project in Ontario
Type: Financing · Technology: Storage · Country: Canada · Capacity: 500 MW · Value: CAD 50M · Announced: 2026-05-16
Hydrostor secured a CAD 50 million convertible development expenditure loan facility from the Canada Growth Fund to fund part of the development costs for its Quinte Energy Storage Centre advanced compressed air energy storage (A-CAES) project in Greater Napanee, Ontario. The initial 500 MW/4 GWh phase of the project, expected to be operational in the early 2030s, will provide sufficient power for up to 500,000 homes for eight hours and contribute over CAD 1.4 billion to Canada’s GDP. The project is being developed in partnership with the indigenous Mohawks of the Bay of Quinte, who will serve as an equity partner. Strategically located near a transformer and generating station in Lennox and Addington County, the facility will deploy Hydrostor’s A-CAES technology for long-duration energy storage with a 50-year lifetime. The project aims to address Ontario’s anticipated 65% increase in electricity demand by 2050 and a capacity shortfall of 12 to 15 GW by 2035.
Counterparties
- Canada Growth Fund (Lender)
- Mohawks of the Bay of Quinte (Partner)
- Hydrostor (Developer)