Innergex announces the commissioning of its second largest energy storage facility in Chile

Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce that its 35 MW/175 MWh (5 hours) San Andrés battery energy storage facility has begun operations and is injecting energy to the grid.
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Located on the site of Innergex’s existing San Andrés solar facility in Northern Chile it is Innergex’s second largest energy storage facility currently in operation, following the commissioning of the Salvador battery facility 50 MW/250 MWh (5 hours) on October 30, 2023.

“We are very proud of our growing energy storage portfolio in Chile because it will contribute significantly to meeting the growing demand for 24/7 renewable energy production,” said Michel Letellier, President and Chief Executive Officer of Innergex. “These projects allow Innergex to optimize its portfolio generation and revenues based on market dynamics and demand in Chile. Overall, our ability to capitalize on variable energy prices and receive capacity payments allow us to deliver a clean energy solution with both a favourable risk profile and strong financial returns.”

Located in the Atacama Desert, the San Andrés battery energy storage facility capitalizes on the region’s exceptional solar irradiance potential. During the day, surplus solar energy is stored and then dispatched during the evening and early mornings to capture peak market prices, allowing the facility to avoid daytime congestion, support the grid during peak demand, and optimize project returns. Battery storage is a key driver for future growth, and Innergex is actively exploring further opportunities across its core markets to develop integrated renewable energy and battery storage projects, seizing the immense potential of this innovative technology.

The San Andrés battery facility is expected to generate annual revenues in a range of US$6 million (CAN$8.2 million) to US$8 million (CAN$10.9 million) on a run-rate basis, while operating, general and administrative expenses are expected to reach US$0.4 million (CAN$0.5 million) in the first full year of operation.

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