The SO1 Agreement is intended to be executed between PREPA and Polaris Power US, Inc., a wholly owned subsidiary of Polaris.
The submission of the SO1 Agreement forms part of the Puerto Rico Accelerated Storage Addition Program, a strategic initiative aimed at strengthening grid reliability across the island through the deployment of utility-scale battery energy storage systems co-located with existing generation facilities.
Under this framework, PPUS will act as the “Resource Provider” responsible for the installation and operation of the BESS, while Punta Lima Wind Farm, LLC another subsidiary of Polaris, will continue to serve as the “Generation Facility Owner” for the Punta Lima site where the storage system will be located.
Upon execution of the SO1 Agreement and once the BESS project is constructed and fully operational, the Resource Provider will be entitled to receive monthly fixed and performance-based payments from PREPA in exchange for providing energy storage services, including capacity and grid support.
Marc Murnaghan, CEO of Polaris, commented, “The submission of the SO1 Agreement represents a significant milestone in advancing our energy storage strategy in Puerto Rico. We are proud to support the island’s energy resilience goals while leveraging our existing infrastructure at Punta Lima.”
Polaris remains committed to delivering long-term, sustainable energy solutions across Latin America and the Caribbean and looks forward to working with all stakeholders throughout the approval and implementation process.
