Convergent Energy and Power (Convergent) stated that it has received a $584.5 million loan from the US Department of Energy (DOE). The loan was secured through the DOE’s Loan Programs Office. The money will help to create a solar photovoltaic (PV) system. In addition, it will fund the development of three stand-alone battery storage systems in Puerto Rico.
The company will provide Puerto Rico with a more reliable and sustainable energy system. The company intends to do this by integrating solar energy with battery storage. These projects will cut down the island’s reliance on diesel and coal plants. This will ultimately lower pollution and cut down CO2 emissions.
Also read: DOE Announces $101 Million for Carbon Management Test Centers
The company will implement a 100 MW solar PV system combined with a 55 MW/55 MWh battery storage system in Coamo. A total of three utility-scale battery storage systems will be constructed in the municipalities of Caguas, Peñuelas, and Ponce, respectively. These clean, affordable systems will inject directly into the electric grid of Puerto Rico, further cementing the switch toward 100% clean energy by 2050.
Economic Benefits and Other Opportunities
Apart from increasing grid reliability, the projects will bring benefits to the local communities by reducing Puerto Rico’s energy costs. When compared to the continental United States region, energy prices in Puerto Rico are higher. The deployment of these projects will help in cutting down those costs and providing affordable energy.
In addition to decreased costs, the projects will also generate 540 construction jobs. The company is partnering with the Puerto Rico Department of Economic Development and Commerce to align its workforce strategy with local and federal goals.
Clean Energy Future
This US Department of Energy loan worth $584.5 million will facilitate Convergent Energy’s goal of bringing clean energy solutions to Puerto Rico. The projects will lower energy costs while increasing grid resilience. The technologies also align with Puerto Rico’s aim of reaching 100% sustainable energy by 2050.
