Salvador and
San Andrés Energy Storage Projects Will Provide 85 Megawatt /
425 Megawatt-hours of Reliable Power
LONGUEUIL, QC and LAKE MARY, Fla., May 10, 2022
/CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex"), an
independent renewable power producer that develops, acquires, owns
and operates hydroelectric facilities, wind farms, solar farms and
energy storage facilities in four countries, has awarded Mitsubishi
Power an order for two utility-scale battery energy storage
system (BESS) projects for its Emerald storage solution
totaling 425 megawatt-hours ("MWh") in the Atacama desert of
Northern Chile. These projects
will be colocated with existing solar photovoltaic facilities and
shift the renewable energy to hours of greater need by storing
solar energy during the day and dispatching at night.
The five-hour energy duration BESS projects are among the first
colocated solar and storage projects in Chile and are Mitsubishi Power's first BESS
projects in South America.
Innergex's 68 megawatt ("MW") Salvador solar photovoltaic facility will add
50 MW/250 MWh of storage capacity and its 50.6 MW San Andrés solar
photovoltaic facility will add 35 MW/175 MWh of storage capacity.
Both BESS projects are scheduled to come online in 2023 and will
help support Chile's national
decarbonization goals to achieve 80% clean electricity by 2030 and
100% by 2050.
The two BESS projects combined represent an investment of
US$128.5 million (CAN$ 166.6
million). The projects will benefit from capacity payments and
additionally will sell energy on the merchant market enabling the
facilities to serve the market upon energy demand. Chile acknowledges in their Energy Roadmap for
2050 the importance of energy storage and are currently developing
new and more advanced capacity regulations that will further
recognize the valuable contribution of battery energy storage
systems to grid reliability and compensate them accordingly. These
capacity payments represent an important component of BESS' overall
revenue stream.
Salvador and San Andrés are
Innergex's first utility-scale BESS projects in Chile and deliver on their mission to build a
better world with renewable energy. The projects will also provide
grid resiliency to the country's existing transmission and
distribution infrastructure.
Michel Letellier, President and
Chief Executive Officer of Innergex, said, "Chile continues to be an attractive market for
Innergex, and we are pleased to pursue our expansion by now adding
battery energy storage systems to our existing assets. The
combination of hydro, wind, solar and battery energy storage
systems enables Innergex to meet customer needs at any time of the
day and offer 24/7 energy supply to industrial customers through
its portfolio of projects. In addition, the capacity payments for
energy storage enable these projects to benefit from stable and
predictable revenues to which are added the revenues derived from
the merchant market, making these projects viable."
Both projects will employ Mitsubishi Power's Emerald Integrated
Plant Controller, which is an Energy Management System ("EMS") and
Supervisory Control and Data Acquisition ("SCADA") system with
real-time BESS operation and a monitoring/supervisory control
platform. Mitsubishi Power leverages its decades of technology
monitoring and diagnostics to enable predictive maintenance,
maximize reliability, and unlock operational insights. For added
physical safety, both projects use lithium iron phosphate ("LFP")
battery chemistry. Compared with other chemistries, LFP provides
longer life and superior thermal and chemical stability, while
meeting UL 9540 and UL 9540A safety standards.
Mitsubishi Power has more than 1.7 gigawatt-hours ("GWh") of
projects in deployment globally with utility-scale BESS solutions
that increase renewable reliability, provide frequency
stabilization, and reduce energy costs.
Tom Cornell, Senior Vice
President, Energy Storage Solutions, Mitsubishi Power Americas,
said, "As decarbonization initiatives accelerate and renewable
generation expands, battery energy storage is key to achieving
net-zero. We are excited to bring our technology to South America and grow our business beyond
North America. The coupling of
renewables and Mitsubishi Power's Emerald storage solutions are
enabling a better, smarter and more resilient energy future for our
customers in Chile and around the
globe."
Read more about some of Mitsubishi Power's BESS projects:
- San Diego Gas & Electric Orders Mitsubishi Power Emerald
Storage Solution to Add Capacity for High Energy Demand
- MHPS Will Supply Battery Energy Storage Systems to Help Balance
the California Grid
- Mitsubishi Power and Powin Partner to Enhance California's Grid
Reliability with Two Battery Energy Storage Projects
- Key Capture Energy, Mitsubishi Hitachi Power Systems, and Powin
Energy Partner to Add 200 MW of Battery Storage to the Texas
Grid
Read more about Innergex's Salvador and San Andrés solar facilities:
- Salvador solar facility
- San Andrés solar facility
About Mitsubishi Power Americas,
Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered
in Lake Mary, Florida, employs
more than 2,300 power generation, energy storage, and digital
solutions experts and professionals. Our employees are focused on
empowering customers to affordably and reliably combat climate
change while also advancing human prosperity throughout North,
Central, and South America.
Mitsubishi Power's power generation solutions include gas, steam,
and aero-derivative turbines; power trains and power islands;
geothermal systems; PV solar project development; environmental
controls; and services. Energy storage solutions include green
hydrogen, battery energy storage systems, and services. Mitsubishi
Power also offers intelligent solutions that use artificial
intelligence to enable autonomous operation of power plants.
Mitsubishi Power is a power solutions brand of Mitsubishi Heavy
Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world's
leading heavy machinery manufacturers with engineering and
manufacturing businesses spanning energy, infrastructure,
transport, aerospace, and defense. For more information, visit the
Mitsubishi Power Americas website and follow us on LinkedIn.
About Innergex Renewable Energy
Inc.
For over 30 years, Innergex has believed in a world where
abundant renewable energy promotes healthier communities and
creates shared prosperity. As an independent renewable power
producer which develops, acquires, owns and operates hydroelectric
facilities, wind farms, solar farms and energy storage facilities,
Innergex is convinced that generating power from renewable sources
will lead the way to a better world. Innergex conducts operations
in Canada, the United States, France and Chile and manages a large portfolio of
high-quality assets currently consisting of interests in 80
operating facilities with an aggregate net installed capacity of
3,152 MW (gross 3,852 MW) and an energy storage capacity of 150
MWh, including 40 hydroelectric facilities, 32 wind farms and 8
solar farms. Innergex also holds interests in 14 projects under
development, 3 of which are under construction, with a net
installed capacity of 733 MW (gross 770 MW) and an energy
storage capacity of 754 MWh, as well as prospective projects at
different stages of development with an aggregate gross capacity
totaling 6,679 MW. Its approach to building shareholder value is to
generate sustainable cash flows, provide an attractive
risk-adjusted return on invested capital and to distribute a stable
dividend.
Cautionary Statement Regarding
Forward-Looking Information
To inform readers of Innergex's future prospects, this press
release contains forward-looking information within the meaning of
applicable securities laws ("Forward-Looking Information"),
including Innergex's growth targets, power production, successful
development and installation of battery energy storage systems
and strategic, operational and financial benefits and
accretion expected to result from such future development, and
other statements that are not historical facts. Forward-Looking
Information can generally be identified by the use of words such as
"approximately", "may", "will", "could", "believes", "expects",
"intends", "should", "would", "plans", "potential", "project",
"anticipates", "estimates", "scheduled" or "forecasts", or other
comparable terms that state that certain events will or will not
occur. It represents the projections and expectations of Innergex
relating to future events or results as of the date of this press
release.
Forward-Looking Information includes future-oriented financial
information or financial outlook within the meaning of securities
laws, including information regarding Innergex's targeted
production, the estimated project schedule, including obtainment of
permits, start of installation, work conducted and start of
commercial operation for battery energy storage systems and other
statements that are not historical facts. Such information is
intended to inform readers of the potential financial impact of
expected results, of the expected commissioning of Development
Projects and of the potential financial impact of completed and
future acquisitions. Such information may not be appropriate for
other purposes.
Forward-Looking Information is based on certain key assumptions
made by Innergex, including, without restriction, those concerning
hydrology, wind regimes and solar irradiation; performance of
operating facilities, acquisitions and commissioned projects;
project performance; availability of capital resources and timely
performance by third parties of contractual obligations; favourable
market conditions for share issuance to support growth financing;
favourable economic and financial market conditions; Innergex's
success in developing and constructing new facilities; successful
renewal of PPAs; sufficient human resources to deliver service and
execute the capital plan; no significant event occurring outside
the ordinary course of business such as a natural disaster,
pandemic or other calamity; continued maintenance of information
technology infrastructure and no material breach of
cybersecurity.
For more information on the risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed, implied or presented by the forward-looking
information or on the principal assumptions used to derive this
information, please refer to the "Forward-Looking Information"
section of the Management's Discussion and Analysis for the three-
and twelve-month periods ended December 31,
2021.
SOURCE Innergex Renewable Energy Inc.