Windsor council approves plan to pay $53 million for battery plant land, 45 gigawatt Stellantis – LG Energy Solution battery plant.
A plan has been approved by Windsor city council to pay $53 million to acquire land for the future site of the 45 gigawatt Stellantis-LGES battery plant on the city’s east end.
Administration recommended financing the “Point East Development” through the issuance of debentures to Ontario Infrastructure and Land Corporation, also known as Infrastructure Ontario.
The report recommends initially financing the purchase by using current cash reserves:
To provide an interim financing source for the land acquisition until such time as permanent long-term financing through issuance of debentures is obtained.
Windsor Council Approves Plan to Pay $53 Million for Battery Plant Land, 45 Gigawatt Stellantis – LG Energy Solution Battery Plant
The city already owns about 40 acres of the necessary land just south of E.C. Row and west of Banwell Road. The total estimated purchase price of the roughly 180 remaining acres is $45 million.
The other $8 million earmarked in the price tag accounts for the cost the city will bear to service the land before leasing it to the Stellantis-LG joint venture.
Council initially endorsed the plan, but confirmed moving forward with approval at Monday’s meeting.
READ the latest Batteries News shaping the battery market
Windsor council approves plan to pay $53 million for battery plant land, May 10, 2022
