Chile Advances Renewable Energy with Focus on Solar and Energy Storage
The company recently secured $510 million in financing for its Estepa project in Chile, which will have a solar capacity of 215 MW and two battery energy storage systems,
With transmission lines at overcapacity and permitting delays slowing the development of new grid infrastructure, battery energy storage systems (BESS) have surged as a profitable alternative for Chilean power producers.
In 2022, Chile passed an energy storage and electromobility bill, which made stand-alone storage projects profitable, but the market is still expecting new rules on capacity payment for storage projects, which are to be approved in 2024. Chile has also put in place an auction procedure to award public land for the development of BESS projects.
According to a December 2023 publication on the InvestChile website, the country had 23 approved energy storage projects with a total of 3,000 MW of capacity. Chile is exploring a variety of solutions to keep abreast of the changing energy demand landscape ranging from BESS to innovative projects using CO2.
While many projects are under development, lithium - ion battery storage is still limited. According to data from Acera, the Chilean Renewable Energy Association, there are only 64MW of battery storage capacity currently active, representing 0.2% of national capacity.
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