Toronto-headquartered Polaris Renewable Energy Inc. (TSX:PIF) has awarded and executed a contract with Trina Energy Storage Solutions (Singapore) Pte. Ltd. ("Trina Storage") for the supply of battery energy storage systems ("BESS") for the company's Punta Lima project in Puerto Rico. The company simultaneously issued a notice to proceed on the battery storage investment.

Trina Storage is described as a global utility-scale energy storage provider with 30 GWh of BESS projects commissioned and under execution worldwide, including more than 6 GWh across Latin America and the Caribbean.

Project Advances Under Puerto Rico's ASAP Program

The Punta Lima BESS project is being advanced under Puerto Rico's Accelerated Storage Addition Program ("ASAP"), a strategic initiative designed to strengthen grid reliability through the deployment of utility-scale battery energy storage systems co-located with existing generation facilities.

As background, on June 5, 2026, Polaris Power US, Inc. ("PPUS") fully executed the BESS Standard Offer Agreement (the "SO1 Agreement") with the Puerto Rico Electric Power Authority, establishing the framework for its participation in ASAP. According to the company, the award and execution of the supply contract with Trina Storage represent the next key milestone in advancing the Punta Lima BESS project.

Project Configuration and Financial Profile

The Punta Lima BESS will consist of a single 35.7 MW system with an 8-hour duration. Under the SO1 Agreement, the Storage Capability of 71.4 MW will be served by the BESS through two four-hour energy delivery blocks.

Total estimated gross capital expenditures for the ASAP project, including the BESS, medium-voltage transformer, tariffs, and balance of plant, are expected to range from USD 55 million to USD 60 million and will be funded with cash on hand. Once constructed and fully operational, the project is expected to contribute approximately USD 12.5 million of EBITDA in the first year of operation.

PPUS, as a resource provider, will be entitled to receive monthly fixed and performance-based payments from the Puerto Rico Electric Power Authority in exchange for providing energy storage services, including capacity and grid support.

Delivery Timeline and Commercial Operation

The agreement with Trina calls for deliveries of the BESS containers to take place in March/April 2027. Accordingly, commercial operation of the project is currently expected in the third quarter of 2027, and the agreement will run for a 20-year term from the commercial operation date.

Management Commentary

Marc Murnaghan, CEO of Polaris, commented that

"The execution of the supply contract with Trina Storage is a significant milestone in advancing our investment in Punta Lima, moving the project from its contractual framework into equipment procurement and implementation. This investment reflects our confidence in Puerto Rico's long-term energy transition and our commitment to delivering critical storage capacity that will enhance grid reliability and resilience. We look forward to working with Trina Storage and our partners to advance the project toward construction and commercial operation."

Polaris stated that it remains committed to delivering long-term, sustainable energy solutions across Latin America and the Caribbean and looks forward to working with Trina Storage and its partners to advance the implementation of the Punta Lima BESS project.

Company Background

Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America and the Caribbean.

The company's portfolio includes a geothermal plant of approximately 82 MW, four run-of-river hydroelectric plants totaling roughly 39 MW, three solar photovoltaic projects of about 35 MW, and an onshore wind park of approximately 26 MW.

The company's development portfolio also includes three projects in Mexico comprising approximately 250 MWdc of solar generation capacity and 61.6 MW / 192.0 MWh of battery energy storage, currently in the planning stage and progressing toward financial close.

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