DOE Approves $584.5 Million Loan Guarantee for Convergent Energy Projects in Puerto Rico

Published: Jan 24, 2025 13:54

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The U.S. Department of Energy (DOE) has finalized a $584.5 million loan guarantee for Convergent Energy and Power Inc. to support energy storage projects in Puerto Rico. The funding will back the development of a solar photovoltaic (PV) system combined with battery energy storage (BESS), along with three stand-alone BESS projects across Puerto Rico.

These projects aim to enhance Puerto Rico's grid reliability, resilience, and affordability, while reducing energy costs and carbon emissions. The solar PV facility is expected to deliver 200,000 MWh annually, and the BESS projects will provide 900 MWh of storage capacity. Together, they will help cut nearly 2.5 million tons of CO2 emissions per year.

Key projects include the 100 MW Coamo Solar-Plus-Storage Facility, along with stand-alone BESS installations in Caguas, Peñuelas, and Ponce. This initiative aligns with Puerto Rico’s renewable energy goals, set by the Energy Public Policy Act, aiming for 100% renewable energy by 2050.

This financing is part of the DOE’s broader initiative to enhance Puerto Rico’s energy infrastructure and support the clean energy transition. The projects will create hundreds of jobs and provide community benefits, with 40% of the investments targeted at disadvantaged areas.

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