Revolutionising the Energy Landscape with Renewables and BESS
The global energy sector, particularly in Latin America and Chile, is undergoing a transformative phase with the strategic integration of Battery Energy Storage Systems (BESS).
In 2023, the Chilean energy storage market, a leader in this transformation, boasts ventures with a collective capacity of 6.4 GW, primarily in solar and wind developments paired with BESS (1). This trend reflects a growing market preference for projects that incorporate storage capabilities, a crucial element for a future where energy storage is central to the energy infrastructure.
Chile’s Renewable Energy and BESS Integration is a model for Latin America. Chile’s remarkable progress in renewable energy, exemplified by solar and wind generation surpassing coal in 2022, accounts for 27.5% of the country’s total energy generation (3). This achievement is reinforced by legislation such as Law 20,698 and Law No. 21,505, fostering renewable energy, electric energy storage, and electromobility (4)(5). These legislative efforts aim to increase renewable energy’s share to 70% by 2030, setting the stage for a diversified and sustainable energy matrix.
Hive Energy’s Strategic Role in Chile’s Renewable Energy Development
Hive Energy is at the forefront of this renewable revolution in Chile with its pioneering projects:
– PR6 Project: This 100 MW Solar PV+BESS project is set to produce approximately 252 GWh annually, reducing CO2 emissions by around 8 million metric tons over 35 years.
– RC1 Project: With a capacity of 250MW Solar PV+BESS, RC1 is projected to generate about 615 GWh annually and avoid 20 million metric tons of CO2 emissions over its lifespan.
Strategically positioned in central Chile, these projects align with national energy needs and are set to benefit from upcoming improvements in transmission infrastructure.
Hive Energy has a commitment to sustainability and commitment engagement. Beyond energy generation, Hive is committed to surpassing environmental standards and actively engaging with local communities. Efforts to promote biodiversity, sustainable land use, and educational opportunities ensure that projects like PR6 and RC1 are not only environmentally responsible but also socially beneficial.
Current State and Future Outlook of Chile’s Energy Storage Market
Chile’s energy storage sector is dynamically evolving, with strategic planning for integration into the National Electric System (SEN) outlined for 2025-2032.
The anticipated expansion of storage capacity, especially through lithium-ion batteries and alternative technologies like molten salt thermal storage and green hydrogen, positions Chile as a leader in energy storage (2). This diversification reflects the country’s commitment to a versatile energy portfolio.
The enactment of Law 21505 marks a regulatory milestone encouraging electric energy storage and electromobility (3). However, the market faces challenges in technical infrastructure development, regulatory detailing, and market structure adaptation. Hive Energy navigates these complexities, focusing on innovation and public-private synergy to strengthen Chile’s energy storage market.
Pioneering a Resilient and Sustainable Energy Future
Chile, with Hive Energy playing a pivotal role, stands as a model for Latin America in sustainable energy practices.
The combination of regulatory support, market readiness, and technological innovation positions Chile at the forefront of a resilient and sustainable energy future. As the nation progresses, Hive Energy continues to drive the narrative forward, demonstrating the potential of integrated renewable energy and storage solutions in shaping a greener future.
References
1) P. Sánchez Molina, “Chile to become second-largest battery market in Americas after US”, pv magazine International, Oct. 2, 2023.
2) Coordinador Eléctrico Nacional, Estudio de Almacenamiento de Energía en el SEN, Aug. 2023.
3) Garrigues, “Chile publishes law on electric energy storage and electromobility”, Nov. 2022.
4) Chile, Law No. 21,505 on Electric Energy Storage and Electromobility, Biblioteca del Congreso Nacional de Chile, 2022.
