Utilising SolarReserve’s proprietary solar thermal energy storage technology, the Likana Soalr Energy Project in the Antofagasta region of Chile, will be comprised of three 130 megawatt (MW) solar thermal towers, each with 13 hours of full load energy storage.
With 5.1 gigawatt-hours of total energy storage capacity, the facility will deliver 390 megawatts of continuous output, resulting in over 2,800 gigawatt-hours generated annually. It will operate at a capacity factor and availability percentage equal to that of a fossil fired power plant, while providing a highly competitive price of power – and with zero emissions.
“The Chilean transmission system will have difficulty accommodating large amounts of intermittent power. The Distribution Companies and Mining Sector require a firm, secure, and stable supply of electricity 24 hours a day,” said Tom Georgis, SolarReserve’s senior vice president of development. “The Likana project will help lower electricity costs for Chilean families and businesses, while safeguarding grid stability.”
SolarReserve will be bidding energy and associated capacity, from Likana and the company’s other Chilean projects, into the upcoming auction for firm energy supply issued annually by Chile’s power distribution companies.
“What’s happening in Chile is a preview of the future of solar thermal with energy storage around the world. Even more remarkable than baseload solar, SolarReserve set a new benchmark for solar thermal pricing by bidding 6.4 cents per kilowatt-hour, without subsidies, in Chile’s last auction for energy supply,” said Kevin Smith, SolarReserve’s Chief Executive Officer. “We’ve proven that solar with thermal energy storage can compete head-to-head with conventional energy on both functionality and cost.”
This achievement will have far-reaching global impacts, as grids will be able to cost-effectively incorporate solar energy that can:
- Deliver non-intermittent baseload power that is more easily integrated into existing grids, and
- Provide firm capacity to reliably meet demand during peak hours, generating when energy is most valuable, reducing cost and risk for electricity customers.
As part of SolarReserve’s project development and permitting process for the Likana Solar Project, the company collaborates with stakeholders and local communities to ensure minimal environmental impact. This process includes careful site selection, low water use systems, and extensive environmental studies prior to starting construction.