Nearly 2 GWh of renewable energy was curtailed in Chile in March of 2024, with a heavy concentration in the Northern regions of Atacama and Antofagasta.2 Both regions, according to AMI estimates as of April 2024, have a BESS pipeline of 4.8 GW, 1.6 GW of which are assets already under construction or have an approved environmental license.
All Chilean energy storage players, ranging from IPPs to PCS providers, are now closely awaiting the publication of the capacity market decree (DS N 62) expected in Q2 of 2024. This decree is expected to provide capacity payments based on the duration of storage projects as seen in the table below, adding an important source of revenue for a storage market that already benefits from one of the highest energy spreads in the world. In fact, batteries charged at nearly $0/MWh during the day in the sunny, northern desert regions of Chile, sell energy at night for over $100/MWh. Although projects such as Engie''s BESS Coya are already enjoying these large spreads, this capacity payment will partially de-risk Chile''s dependence on volatile, but still profitable, merchant revenues.
The anticipation of the capacity market, the high energy spreads, and the lack of an ancillary services market in Chile has led project owners to develop large projects (100MWh+) with longer-duration batteries(4–5 hours). Similar to other capacity markets,participating technologies are subject to a derating factor based on their duration, meaning longer-duration batteries will be favored due to their higher remuneration. Moreover,the lack of an ancillary services market in Chile discourages shorter duration batteries (1-2 hours) as seen in the US and Europe.
Through market intelligence, AMI helpsBESS equipment manufacturers, integrators, operators and customersunderstand the following:
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Sungrow Signs a 60MW/132MWh Energy Storage Contract with the Investment Fund WEG-4 for Chile
Santiago, Chile, September 19th, 2023, Sungrow signed a contract with the Investment Fund WEG-4 to supply 60MW/132MWh of its liquid cooled energy storage system (ESS) solution, the
Sungrow Signs a 60MW/132MWh Energy Storage Contract with the Investment Fund WEG-4for Chile
Sungrow Power Supply Co., Ltd. ("Sungrow") is the world''s most bankable inverter brand with over405GW installed worldwide as ofJune2023. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 26-year track record in the PV space, Sungrow products power over 150 countries worldwide.For more information about Sungrow, visit
Andrew TangVice President, Energy Storage & OptimisationWärtsilä
Facilitate Colbun''s carbon neutrality by 2050 goal
Integrated Colbun''s first energy storage system for the power generation company''s growing portfolio of solar energy assets
Greater flexibility and network capacity for additional renewable energy integration
Reduce constraints on the transmission system from Colbun''s new 230 MWp solar facility
Optimised the solar-plus-storage facility with Wärtsilä''s GEMS Digital Energy Platform, increasing the value of both assets
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