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General Electric (GE) is developing five electricity storage projects in Mexico, the first in the country, to increase investment in renewable generation, according to local media reports.
Rodrigo Salim, GE's Latin America director for digital grid solutions, said that each storage project will require at least US$5mn in investment, depending on the system size, reported newspaper El Financiero.
The increase in renewable energy capacity and the intermittency of power sources such as solar and wind will make electricity storage fundamental to the sector's growth in the coming years.
A report by the International Renewable Energy Agency published in January stated that new ways to store energy will be a "game changer" for growing renewable energy generation.
Also read: Solar storage seen as next game changer
Risk analysis firm IHS predicts that global energy storage capacity will rise to 28GW by 2022 from approximately 3GW currently, requiring investment of US$45bn.
"Between 2012 and 2016, GE's energy storage costs dropped by half, and it is expected that by 2020 these solutions will be 20% cheaper and more accessible to electricity generation project developers," Salim was quoted as saying.
He said the increase in renewable energy growth in Mexico in recent years will require more investment to guarantee the reliability and quality of energy sources, and this is where storage can play an important role.