Polaris Renewable Energy Submits 71.4 MW Battery Storage Agreement to Puerto Rico Energy Bureau

Polaris Renewable Energy, through its subsidiary Polaris Power US, has submitted a 71.4 MW Battery Energy Storage System (BESS) Standard Offer Agreement (SO1 Agreement) to the Puerto Rico Energy Bureau as part of the Puerto Rico Accelerated Storage Addition Program (ASAP). This initiative aims to enhance grid reliability by deploying utility-scale battery storage co-located with existing generation facilities, with the Punta Lima Wind Farm subsidiary serving as the generation owner at the site. The agreement, expected to be approved within three months, includes fixed and performance-based payments for capacity and grid services under a 20-year contract, with commercial operations targeted for Q3 2026. Polaris is also exploring the possibility of expanding the BESS capacity to 80 MW in parallel with the regulatory approval process. The project represents a significant milestone in Polaris's renewable energy strategy, highlighting growing opportunities for grid modernization and energy resilience in Puerto Rico and the Caribbean. The move is viewed as a boost to Polaris’s position in the renewable sector despite some financial and valuation challenges noted by analysts.