Polaris Renewable Energy Inc. has announced that LUMA Energy ServCo, LLC, acting on behalf of the Puerto Rico Electric Power Authority (PREPA), submitted the Battery Energy Storage System Standard Offer Agreement (SO1 Agreement) to the Puerto Rico Energy Bureau (PREB) for formal approval on August 8, 2025. The submission marks a significant milestone in Polaris's energy storage strategy aimed at bolstering Puerto Rico's energy resilience. The SO1 Agreement, part of the Puerto Rico Accelerated Storage Addition Program, involves a Battery Energy Storage System with a capacity of 71.4 MW. Final regulatory approval is anticipated within 30 to 90 days, and upon completion, the project will facilitate monthly fixed and performance-based payments from PREPA to Polaris Power US, Inc., a wholly owned subsidiary of Polaris. The commercial operation is expected to commence in Q3 2026, with the agreement spanning a 20-year term.
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