Yes, of course. Thank you.
Pools of capital.... The member mentioned mutual funds and pension funds. All of it ultimately, of course, is the money of individuals, of individual investors, people who invest in their pensions, who save money. Pension funds are no different, you know. We have some of the largest and most sophisticated pension funds in the world here in Canada, and they invest in infrastructure all over the world. Historically, they haven't done much of it in Canada, whether that's Teachers' here in Ontario, CPP or AimCo out west.
These are large pension funds. They represent private pools of capital—yes, absolutely—and they are investing that money on behalf of their members, just like a hedge fund is investing money eventually on behalf of individual investors. Absolutely, just to the foundational, definitional question, to us those are pools of private capital.
Second, I would mention a third example that didn't get cited. We talked about our Oneida battery storage project. It's a different one. I mention this only to say that those are three different projects with three different kinds of non-government capital. I want to stress the words “non-government capital”. With Oneida battery storage, it's actually a private entrepreneurial company called NRStor. They have shareholders. They're a private company with owners. They're investing their equity. They're also partnered with a first nation [Technical difficulty—Editor] from other pools of capital—pension funds, etc. That's a third project.
All three of those, in our mind, do meet the test, as John said. Those are different forms of non-government money. They're not getting paid for from grants or subsidies. They're getting paid for, instead, by other pools of capital, and those pools of capital are getting paid back by the revenues of the project. That's critical—it's not getting paid back by taxpayers.
Whether it's the savings from converting diesel buses to electric or the energy in the Oneida battery storage project, the idea is that we'll be able to sell that power to the grid, displace gas and instead take the renewable energy. That project is in Ontario. It's going to take renewable energy when it is created, store it in batteries and then sell it back to the grid. That's what's going to pay back those investors. That's what's going to pay back the CIB as well.