on Polaris Renewable Energy Inc. (CVE:PIF)
Polaris Renewable Energy's SO1 Agreement Approved by FOMB
Polaris Renewable Energy Inc. has announced the approval of its Battery Energy Storage System (BESS) Standard Offer Agreement (SO1 Agreement) by the Financial Oversight and Management Board of Puerto Rico (FOMB). This marks the final step in the approval process following approval from the Puerto Rico Energy Bureau and the Governing Board of the Puerto Rico Electric Power Authority (PREPA).
The agreement is part of Puerto Rico's Accelerated Storage Addition Program, aiming to boost grid reliability via utility-scale BESS. Polaris Power US, Inc (PPUS) will install and operate the BESS while a subsidiary manages the Punta Lima site.
The SO1 Agreement ensures monthly payments to PPUS for storage services at 71.4 MW capacity over its 20-year term. Polaris aims to meet compliance requirements to secure investment tax credits, with procurement updates expected soon.
R. E.
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