US energy storage developer Convergent has closed a $585m guaranteed loan facility from the US Department of Energy (DoE) to build solar and battery capacity across Puerto Rico.
The financing, from the DoE’s Loan Programs Office will be invested in the construction of a 100MW solar plant and 55MW battery in Coamo.
Three utility scale stand-alone battery storage systems are planned for the municipalities of Caguas, Penuelas and Ponce.
These systems would generate power directly to Puerto Rico’s grid and provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
The assets will play a vital role in improving Puerto Rico’s energy resilience and affordability while helping Puerto Rico meet its ambitious clean energy and climate goals.
“Convergent has a long history of supporting an energy landscape that is less expensive, more reliable, and increasingly sustainable,” said Convergent’s chief financial officer and co-founder, Frank Genova.
“As a leading developer of energy storage and solar PV systems, we have the expertise-and the capital-to bring Puerto Rico’s electric grid into the future.
“We look forward to enhancing grid reliability for communities across Puerto Rico.”
The clean, affordable electricity generated by these systems can replace some of the power produced by Puerto Rico’s diesel and coal plants, which would reduce pollution and contribute to the avoidance of carbon dioxide emissions.
Convergent is working with the Puerto Rico Department of Economic Development and Commerce to establish an integrated apprenticeship and hiring plan that will align with the municipal, commonwealth and federal goals to prioritise workforce diversity and minority and women-owned business enterprises as subcontractors where commercially feasible.
The systems are expected to create approximately 540 construction jobs.