In a 5-2 vote, Meaford council approved a motion authorizing the mayor and clerk to sign a pre-development agreement with TC Energy.
The agreement will provide funding over three years (2026-2028) to the municipality and community groups while the project remains in the early stages of the Impact Assessment Agency of Canada (IAAC) review process.
Coun. Tony Bell says this is the boost the council was looking for to help the community, noting that a ton of work remains before any construction begins.
The agreement includes four funding streams: a community support payment of $1 million annually for three years funded by TC Energy; municipal capacity funding of up to $250,000 annually through provincial pre-development funding; scholarships totaling $25,000 annually for three years funded by TC Energy; and a community investment fund matching up to $80,000 annually for three years funded by TC Energy.
Coun. Eric Ennis says the agreement puts the next council in a good position with added funding to make future decisions on the project.
The Ontario Pumped Storage Project is a proposed 1,000-megawatt facility in Meaford, Ont., developed by TC Energy and the Saugeen Ojibway Nation. The project functions as a massive natural battery, pumping water from Georgian Bay to an upper reservoir at night and releasing it through turbines to generate electricity during peak demand.
Communications Lead for the Ontario Pumped Storage Project Sara Beasley says the initiative is still in its early stages, with the current phase slated to finish around 2029.
Meaford Council To Consider Pre-Development Agreement with TC Energy