SolarMax Technology, Inc., an integrated solar energy company, announced today that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into two engineering, procurement, and construction (EPC) agreements with Yabucoa BESS LLC and Naguabo BESS LLC for new utility-scale battery energy storage system (BESS) projects located in Humacao and Ceiba Municipality, Puerto Rico. The two EPC contracts are expected to generate total revenues of approximately $158.3 million. In connection with these transactions, SolarMax is also acquiring a 9% equity interest in each project entity, further aligning its interests with the long-term success of the projects.
Under the agreements, SolarMax will provide full-scope EPC services, encompassing design, engineering, procurement, installation, construction, testing, startup, and commissioning for a combined 400 megawatt-hours (MWh) of battery storage capacity. The projects are strategically significant as they enhance grid stability and energy affordability in Puerto Rico by enabling the storage of renewable electricity for use during periods of peak demand. These installations are intended to support the region’s broader clean energy strategy while playing a critical role in maintaining reliable power supply.
David Hsu, CEO of SolarMax, highlighted the importance of these agreements, stating, “Securing projects of this size highlights SolarMax’s growing position in the utility-scale energy storage market. We believe these new agreements will significantly strengthen our forward revenue visibility, adding a substantial multi-year revenue stream through 2027.”
He further noted the broader market implications, saying, “Demand for large-scale energy storage solutions continues to grow. As we enter into contracts for projects of increasing size and complexity, we are strengthening our competitive position, driving operating leverage, and scaling SolarMax into a meaningful participant in a multi-billion-dollar market. At the same time, our selective equity participation further aligns us with project success and reinforces our commitment to build durable, long-term shareholder value.”
Through these agreements, SolarMax is positioning itself as a key player in the utility-scale energy storage sector, combining engineering expertise with strategic equity investment to deliver both operational and financial value while advancing Puerto Rico’s clean energy objectives.
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