SolarMax awarded $158M EPC contracts for battery storage projects

SolarMax (SMXT) Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into two engineering, procurement and construction agreements with Yabucoa BESS LLC and Naguabo BESS LLC for new utility-scale battery energy storage system projects located in Humacao, Puerto Rico and Ceiba Municipality, Puerto Rico. The two EPC contracts are expected to generate total revenues of approximately $158.3M. In connection with the transactions, SolarMax is purchasing a 9% equity interest in each project entity. Under the agreements, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning for a combined 400 megawatt-hours of battery storage capacity.