Benzinga | Jul 29, 2021 09:44AM EDT

TC Energy Late Wednesday Said Co Reached Agreement With National Defense To Develop Proposed World-Class Pumped Storage Project; Terms Not Disclosed

TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) has reached agreement with the Department of National Defence, that subject to conditions and regulatory approval, allows for the development of a transformative 1,000-megawatt clean energy storage project on federal lands.

The Ontario Pumped Storage Project, proposed to be constructed on Department of National Defence's 4th Canadian Division Training Centre property by TC Energy, would be Ontario's largest energy storage project, optimizing the province's electricity system and is estimated to deliver more than $250 million in annual savings to electricity consumers.

A multi-billion dollar private sector investment, over the next eight years, the project would result in approximately 1,000 jobs during development and construction. Once operating, it would provide emission-free electricity for the province, while reducing greenhouse gas emissions by an expected 490,000 tonnes -- the equivalent of removing 150,000 cars from Ontario roads.

TC Energy will continue to consult with the Saugeen Ojibway Nation and other Indigenous Rightsholders and communities, and engage with local communities and other interested stakeholders to assess potential impacts and economic benefits as the Company advances the next phase of project development -- including provincial and federal environmental and impact assessments. Advancement of the project remains subject to a number of conditions, including approval of the Company's Board of Directors, regulatory approvals, and assurances that the project would not impact military activities and training.