SolarMax Technology has confirmed two major engineering, procurement and construction agreements for new utility‑scale BESS projects in Puerto Rico.
The company’s subsidiary, SolarMax Renewable Energy Provider, will oversee the work for Yabucoa BESS and Naguabo BESS, with installations planned in Humacao and Ceiba Municipality.
The combined value of the EPC contracts is expected to reach about $158.3 million. As part of the arrangements, SolarMax will also acquire a 9% equity stake in each project company. The scope of work covers full EPC delivery, including design, engineering, procurement, installation, construction, testing, startup and commissioning. Together, the projects will provide 400MWh of battery storage capacity.
David Hsu, CEO, emphasised the significance of the award, stating, “Securing projects of this size highlights SolarMax’s growing position in the utility-scale energy storage market.” He added that the agreements are set to enhance long‑term revenue visibility, contributing to a multi‑year pipeline through 2027.
The two BESS developments are intended to bolster Puerto Rico’s grid stability and support energy affordability by storing renewable electricity for periods of peak demand. They form part of the island’s wider clean energy ambitions, offering essential support for grid reliability.
Hsu noted the broader market momentum, saying, “Demand for large-scale energy storage solutions continues to grow.” He highlighted that taking on increasingly complex projects strengthens the company’s competitive position and aligns SolarMax with long‑term project success through selective equity participation.
