Disseminated on behalf of SolarBank Company.
SolarBank Company (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) teamed up with Viridi to construct a 3.06 megawatt (MW) ground-mounted photo voltaic undertaking. This undertaking can even embody a 1.2 megawatt-hour (MWh) battery power storage system (BESS) in Buffalo, New York. This initiative plans to show a closed landfill right into a helpful asset, offering clear power to the area people.
Undertaking Overview
- Location: Buffalo, New York
- Photo voltaic Capability: 3.06 MW (DC)
- Battery Storage: 1.2 MWh
- Website: Repurposed closed landfill
On this collaboration, SolarBank will personal the undertaking, whereas Viridi will provide the battery storage system. The corporate has secured a lease for the location. It’s now getting interconnection approval. As soon as the corporate will get the permits and funding, development will begin. The power will then work as a group photo voltaic undertaking.
Energy Packed: Viridi’s Slicing-Edge Battery Options
Viridi equips its lithium-ion battery packs with built-in hearth suppression and anti-propagation know-how, adhering to stringent security requirements. Viridi’s design is totally different from conventional strategies. It isolates every battery cell. This prevents thermal runaway. So, if one cell fails, it received’t trigger larger issues. Viridi is backed by a tier 1 administration staff, together with the previous World Chairman of Funding Banking from JP Morgan.
Shared Sunshine: Empowering the Neighborhood with Photo voltaic
Neighborhood photo voltaic initiatives permit a number of individuals to profit from a single photo voltaic set up. Subscribers get credit on their electrical energy payments for his or her share of solar energy. This lets them use renewable energy with no need their very own installations.
Not too long ago, SolarBank superior two group photo voltaic initiatives in Skaneateles, New York, totaling 14.4 MW DC to energy about 2,100 houses. The initiatives have accomplished the Coordinated Electrical System Interconnection Assessment (CESIR) and at the moment are continuing with allowing.
The corporate goals to qualify for incentives below the NYSERDA NY-Solar Program. As soon as operational, these installations will provide clear power to the native grid, providing residents entry to renewable energy with out putting in private photo voltaic panels.
Storing the Solar: The Essential Function of Battery Storage
Battery storage performs an vital function within the power transition. It helps combine renewable sources, akin to photo voltaic and wind, which may be unpredictable. With out efficient storage, surplus power can go unused, and grid operators could wrestle to steadiness provide and demand. BESS know-how solves these issues. It captures and shops electrical energy for later use, boosting effectivity and reliability.
The Rising BESS Market
The worldwide Battery Vitality Storage System market is rising quick. This rise comes from new know-how and extra use of renewable power. In 2024, the market was valued at round $7.8 billion and is projected to achieve $25.6 billion by 2029rising at an annual charge of 26.9%.
In 2024, international BESS installations hit 205 GWh. This marks a 53% improve from the earlier yr, exceeding expectations. The grid-scale sector led this progress with 160 GWh deployed, 98% of which utilized lithium-ion know-how.
Notably, 17 initiatives exceeding 1 GWh grew to become operational in 2024, up from 4 in 2023. It exhibits there’s a robust pipeline for big initiatives. LFP batteries keep on prime of the market as a result of they’re cheaper and have higher know-how.
- Wanting forward, over 400 GWh of grid initiatives are within the pipeline for 2025, although not less than 30% could face delays or cancellations.
One of many key elements supporting this growth is the numerous price discount in battery techniques. Over the previous two years, photo voltaic module costs have decreased by 66%, whereas battery system costs have dropped by 58% in the last year.
Price cuts have made renewable power initiatives cheaper. This alteration encourages extra funding in power storage options.
Regional Growth and Market Tendencies
International locations world wide are boosting their battery storage capability. This helps them meet renewable power objectives.
China led the market with 67% of global BESS deployments. This was resulting from provincial mandates and falling battery prices. The U.S. and Canada adopted, putting in practically 40 GWh, with California contributing half of this capability.
In the meantime, Europe’s battery storage market might exceed 50 GW by 2030, with an estimated €80 billion in investments supporting this growth.
In the USA, battery storage capability hit about 24 gigawatt-hours (GWh) in 2024. It is a 71% rise from the yr earlier than. Utility-scale battery capability has seen speedy progress within the nation, with over 20 gigawatts (GW) added previously 4 years—equal to the capability of 20 nuclear reactors.
This capability could double to 40 gw by 2025. This exhibits how vital battery storage is for a stronger grid and extra renewable power use.
These developments underscore the vital function of BESS in stabilizing the grid, lowering reliance on fossil fuels, and guaranteeing a constant provide of renewable power. SolarBank’s newest transaction positions the corporate on the forefront of this quickly evolving battery storage market.
Shiny Horizons: SolarBank’s Strategic Growth
The Viridi BESS undertaking aligns with SolarBank’s technique to broaden its portfolio of renewable energy assets throughout North America. The corporate plans to enhance the reliability and effectivity of its photo voltaic techniques. It’s going to do that through the use of superior battery storage options. This fashion, they will supply sustainable power to totally different communities.
- As of February 20, 2025, SolarBank’s inventory is buying and selling at US$ 4.02, reflecting the market’s response to the corporate’s ongoing initiatives within the renewable power sector.
With its growth into battery storage, SolarBank is proactively addressing one of many largest challenges in renewable power—power intermittency. By combining solar power with superior storage options, the corporate is strengthening the muse for a cleaner, extra dependable power system.
SolarBank is investing in BESS as demand for sustainable power grows. This transfer will enhance progress, entice new partnerships, and strengthen its management in renewable power.
SolarBank’s partnership with Viridi exhibits its dedication to new renewable power options. This effort helps within the bigger aim of transferring to a sustainable, low-carbon power system. By repurposing a closed landfill right into a productive photo voltaic and battery storage facility, the undertaking not solely offers clear power to the Buffalo group but in addition units a precedent.
This text comprises forward-looking info. Please check with the SolarBank press launch entitled “SolarBank Partners with Viridi on Combined 3.06 MW Solar and 1.2 MWH Battery Energy Storage Project Located in Buffalo, New York.”
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