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Foxwell Power, an operator of a renewable energy trading platform, has signed with three banks for a syndicated loan of NT$1.75 billion (US$55.1 million) for funding construction of an energy storage system in Yilan County, northeastern Taiwan, according to the company.

The energy storage system has installation capacity of 50MW, the largest among energy storage systems in Taiwan, with construction to begin later in October 2022 and be completed in 2023, Foxwell said.

Foxwell stepped into construction of energy storage systems in 2021 and completed the first one with installation capacity of 7MW in May 2022. The energy storage system in August began to provide AFC (automatic frequency control) ancillary services at Energy Trading Platform established by state-run Taiwan Power Company.

According to Taiwan-based InfoLink Consulting, Taiwan’s energy storage market will begin to see significant growth in 2023, with cumulative total installation capacity to exceed 1.5GW and the corresponding storage capacity to exceed 3GWh in 2025 which will occupy over 1% of the global electrochemical energy storage market. The total energy storage capacity in Taiwan will keep increasing to 20GWh in 2030, InfoLink said.