Innergex Signs Two Long-term Power Purchase Agreements

Innergex Renewable Energy (TSX:INE) announced the signing of two 25-year power purchase agreements with Hawai’i Electric Light Company and Maui Electric Company.

The company said that the agreements were signed for the electricity to be produced at Hale Kuawehi and Paehu solar and battery energy storage projects.

As quoted in the press release:

Both projects have a proposed commercial operation date of 2022. The agreements are subject to approval by the Public Utilities Commission of Hawai’i.

“With these two important and unique projects in Hawai’i, we are excited to enter the growing and promising battery energy storage market, in which we intend to become a key player,” said Michel Letellier, President and Chief Executive Officer of Innergex. “The technological advancements in battery storage are changing the way utilities service their customers and we intend to become a solid partner with them in managing their power needs.”

The two 25-year power purchase agreements are for dispatchable energy, allowing the respective utilities to dispatch the facilities as they deem appropriate to maintain grid stability and maximise renewable energy use on Maui and Hawai’i islands.

The Hale Kuawehi solar project is a 30 MW_AC facility with 120 MWh of battery storage located on the island of Hawai’i. Its average annual electricity generation could reach 92,000 MWh. The Paeahu solar project is a 15 MW_AC facility with a 60 MWh battery storage facility on the island of Maui. It could generate on average annually 45,000 MWh.

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