Polaris Books Trina Storage for 35.7 MW Punta Lima Battery Project in Puerto Rico

Polaris Renewable Energy Inc., the Toronto-based company listed on the TSX under the ticker PIF, has issued a notice to proceed on its Punta Lima battery storage investment in Puerto Rico and simultaneously executed a supply agreement with Trina Energy Storage Solutions (Singapore) Pte. Ltd., which does business as Trina Storage.

Notice to Proceed Issued as Equipment Procurement Begins

The dual announcement was made on October 20, 202.6 Under the executed contract, Trina Storage will supply the battery energy storage systems for the Punta Lima project.

The supplier is characterized as a global utility-scale energy storage provider whose portfolio spans 30 GWh of battery energy storage projects commissioned and under execution worldwide, of which more than 6 GWh are located in Latin America and the Caribbean.

Storage System to Deliver 71.4 MW Through Two Four-Hour Blocks

The Punta Lima battery energy storage system will be built as a single 35.7 MW unit with an 8-hour duration. Under the governing contract framework, the Storage Capability of 71.4 MW will be delivered by the battery through two four-hour energy delivery blocks.

Gross capital expenditures for the project are estimated at between USD 55 million and USD 60 million, a figure that covers the BESS itself along with a medium-voltage transformer, tariffs, and balance of plant.

The company plans to fund the entire investment with cash on hand. When the facility is constructed and fully operational, Polaris anticipates it will add roughly USD 12.5 million to EBITDA in the first year of operation.

The commercial arrangement positions Polaris Power US, Inc., known as PPUS, as the Resource Provider. In that role, PPUS will receive monthly fixed and performance-based payments from the Puerto Rico Electric Power Authority in exchange for energy storage services, including capacity and grid support.

Agreement Rooted in Puerto Rico's ASAP Program

The Punta Lima project falls under Puerto Rico's Accelerated Storage Addition Program, abbreviated ASAP. That initiative is designed to reinforce grid reliability by deploying utility-scale battery energy storage systems at sites co-located with existing generation facilities.

The contractual foundation for the project was laid earlier in the year. On June 5, 2026, PPUS fully executed what is known as the SO1 Agreement, the BESS Standard Offer Agreement with the Puerto Rico Electric Power Authority. That document set out the framework for PPUS's participation in the ASAP program. With the supply contract now awarded and executed, Polaris describes the Trina deal as the next key milestone in moving Punta Lima forward.

Deliveries Set for Spring 2027, Operations Targeted for Third Quarter

The Trina agreement schedules delivery of the BESS containers for March and April 2027. Based on that schedule, commercial operation of the project is currently expected in the third quarter of 2027. The agreement between the parties will remain in force for a 20-year term counted from the commercial operation date.

Executive Sees Project Moving Into Implementation Phase

Marc Murnaghan, who serves as CEO of Polaris, addressed the announcement directly. He called the execution of the supply contract with Trina Storage a significant milestone in advancing the company's investment in Punta Lima, one that moves the project from its contractual framework into equipment procurement and implementation.

He added that the investment reflects the company's confidence in Puerto Rico's long-term energy transition and its commitment to delivering critical storage capacity that will enhance grid reliability and resilience, and that Polaris looks forward to working with Trina Storage and its partners to advance the project toward construction and commercial operation. The company also stated that it remains committed to delivering long-term, sustainable energy solutions across Latin America and the Caribbean, and that it anticipates working with Trina Storage and other stakeholders as the Punta Lima BESS project is implemented.

Polaris Portfolio Spans Geothermal, Hydro, Solar and Wind

Polaris Renewable Energy is a Canadian publicly traded company focused on acquiring, developing, and operating renewable energy projects in Latin America and the Caribbean. It describes itself as a high-performing and financially sound contributor to the energy transition.

Its operating assets include a geothermal plant of approximately 82 MW, four run-of-river hydroelectric plants with combined capacity of roughly 39 MW, three solar photovoltaic projects totaling approximately 35 MW, and an onshore wind park of about 26 MW.

Beyond its operating fleet, the development pipeline holds three projects in Mexico totaling approximately 250 MWdc of solar generation capacity plus 61.6 MW / 192.0 MWh of battery energy storage, all currently in the planning stage and advancing toward financial close.