BYD and Pireos Capital, an Energy Fund created to finance the development of photovoltaic plus ESS (PV+ESS) projects in Mexico and Latin America, announced a new partnership for the deployment of 100MWh ESS in Mexico, equivalent to the daily power consumption of 30,000 households.
The partnership, announced by Stella Li, President of BYD Motors/North America and Manuel Vegara, CEO of Pireos Capital, seeks to build on the experience of both companies developing large scale solar and storage projects worldwide.
The introduction of BYD’s lithium iron phosphate (LiFePO4), also called LFP, ESS technology opens the door to a wide variety of applications at the residential, commercial, industrial and power grid level. These include investment deferral, frequency regulation, virtual power plants, emergency backup, peak shaving, load shifting and net-zero energy.
“BYD is a pioneer in achieving zero emissions energy ecosystems, offering affordable solar power, reliable energy storage solutions and electrified transportation. Specifically, we have more than 24 years of experience in battery R&D and manufacturing, resulting in the largest power battery output capacity in the world,” said President Stella Li regarding BYD’s ability to disrupt the energy industry in Latin America.
BYD’s ESS include 500 kW to 2MW containerized outdoor cabinets for utility applications, 60 kW to 120 kW outdoor cabinets for commercial and industrial use, as well as 3 kW to 9 kW mini-ESS for residential installations.
“BYD and Pireos Capital have executed an industry-first partnership agreement to deploy 100 MWh ESS in Mexico. This is part of a larger two-year plan to deploy more than 240 MW of distributed generation and large-scale solar projects. We have created a specialized financial vehicle to finance the largest PV+ESS project pipeline in Mexico,” said Vegara regarding the role of Pireos Capital in the Mexican energy industry.
By partnering with BYD, Pireos Capital will be able to offer for the first time in Mexico an integrated PV+ESS solution, with smart integration software capabilities, designed to maximize the environmental and economic benefits of renewable energy, minimizing the financial risks associated with multiple-vendor integration and energy storage technology.
Regarding potential partnerships, both companies said they are open for business and already working with a number of solar engineering, procurement and construction (EPC) companies for the deployment of more than 50 percent of the projected capacity during the first twelve months of the agreement.
