Energy storage to be ‘key’ for Polaris Renewable

Energy storage will be a key growth engine for Polaris Renewable Energy, according to CEO Marc Murnaghan.

The executive made the comment during the Toronto-based company’s third quarter results call where he highlighted small storage projects in the pipeline, with one underway in Nicaragua and another planned for Peru in 2023.

These would be followed by a project in the Dominican Republic, said Murnaghan, who predicted that such plans will gain traction after Polaris secured a definitive concession to double capacity at the 25MW Canoa 1 solar park in the Caribbean country.

He added that an amendment will be required to include battery technology in the concession, pointing out that the Dominican Republic has published reference prices for solar projects that add storage.

Regarding the Canoa capacity increase, known as Canoa 2, Murnaghan said that initial site preparation will now begin.

ECUADOR CALL

When asked about plans to participate in Ecuador’s renewable energy call for 500MW, the CEO said that Polaris is reevaluating the process after a maximum price of US$52/MWh for hydro was set.

Murnaghan expressed doubt that the price will draw interest in the hydro component, as it would diminish returns.

He also said it is possible that the November 18 bidding deadline will be pushed back due in part to the change in energy minister in recent days.

Polaris currently operates a geothermal plant in Nicaragua, run-of-the-river hydro plants in Ecuador and Peru, and a solar plant in the Dominican Republic, and has solar parks in development in the latter and Panama.