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M&A / Property

Polaris Renewable receives PREPA OK for SO1 agreement

By The Northwire Desk — AI Analysis Mar 02, 2026 · 19:41 PIF · 12.10 Polaris Renewable Energy Inc
PIF · Price

Executive Summary

  • Polaris Renewable Energy received formal written notice on February 27, 2026, that the Puerto Rico Electric Power Authority (PREPA) approved the Standard Offer 1 (SO1) agreement for a battery energy storage system (BESS) project.
  • The agreement is part of PREPA's Accelerated Storage Addition Program (ASAP) and involves the installation and operation of a BESS co-located with the existing Punta Lima Wind Farm.
  • Final approval from the Financial Oversight & Management Board (FOMB) of Puerto Rico is still required before the agreement can be executed.

Key Details

  • Agreement Status: PREPA governing board approved the SO1 agreement on February 19, 2026; Polaris received formal written notice of approval on February 27, 2026.
  • Counterparties: Polaris Power U.S. Inc. (PPUS, a wholly owned subsidiary) acts as the resource provider; Punta Lima Wind Farm LLC (PLWF, another subsidiary) remains the generation facility owner.
  • Project Scope: Installation and operation of a utility-scale battery energy storage system (BESS) co-located with the Punta Lima site to strengthen grid reliability.
  • Capacity: The BESS has a total capacity of 71.4 megawatts (configured as 35.7 megawatts times two).
  • Commercial Terms:
    • Revenue Model: Monthly fixed and performance-based payments from PREPA for energy storage services, including capacity and grid support.
    • Term: 20-year term from the commercial operation date.
    • Timeline: Commercial operation date is forecast to begin 12 months after the execution of the final SO1 agreement.
  • Regulatory Next Steps: Execution remains subject to approval by the Financial Oversight & Management Board (FOMB) of Puerto Rico.

Notable Quotes

  • "The PREPA governing board's authorization of the SO1 agreement marks an important step forward in the development of our battery energy storage initiatives in Puerto Rico. This project further reinforces our commitment to enhancing grid reliability on the island while building on the strategic value of our existing Punta Lima asset." — Marc Murnaghan, Chief Executive Officer of Polaris
Read the original news release →

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