Investors PASH and ERIH target solar and 40MWh of battery storage projects in Paraguay
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- 17 May 2023
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Investment firms PASH Global and ERIH Holdings have collaborated to establish a joint venture (JV) with the aim of developing large-scale solar and battery storage projects in Paraguay.
According to a spokesperson from PASH, the UK-based company, the partnership's initial focus will be on the development of 100MW of solar photovoltaic (PV) capacity and 40MWh of standalone battery storage projects during the first phase of investment.
Furthermore, they mentioned that a second phase could witness an increase to 200MW of PV capacity and 70MWh of battery storage.
The companies have disclosed that the first project is expected to commence production in 2024, with the remaining projects scheduled to be deployed between 2024 and 2025.
Akin Gunduz, CEO of ERIH, expressed his enthusiasm for the partnership, stating, "We are delighted to collaborate with PASH and believe that our joint venture holds tremendous potential for expanding our presence in the solar and energy storage sectors. I am confident that this partnership will pave the way for further opportunities in the renewable energy and storage market in Latin America."
Similar to many other countries in Latin America, Paraguay is still in the early stages of developing its grid-scale battery storage market. However, recent actions taken by the government indicate that this situation may soon change.
In early 2021, the country's grid operator and utility company, ANDE (Administración Nacional de Electricidad), announced plans to install a series of solar-plus-storage facilities. These plans, outlined in the 'Generation Master Plan 2021-2040', involved seven projects integrating PV with 2.5MWh of battery storage, while three larger projects for 2024/25 were proposed with a capacity of 44MWh.
Additionally, in December 2021, representatives from ANDE and Itaipu, the operator of the world's third-largest run-of-river hydroelectric power plant with a capacity of 14GW, visited a Tesla battery storage site in California. During the visit, the delegation revealed their interest in utilizing battery storage at the Itaipu plant and exploring wider applications of this technology throughout Paraguay.
PASH Global, headquartered in London, UK, and ERIH, based in Ankara, Turkey, are poised to collaborate on these promising solar and energy storage projects in Paraguay.
