USDOE Secures $1.2 Billion for Renewable Energy in Puerto Rico

The U.S. Department of Energy (DOE) has announced $1.2 billion in financing aimed at transitioning Puerto Rico from fossil fuels to renewable energy sources, specifically solar and battery storage systems. This includes a $584.5 million loan guarantee for Convergent Energy to develop a 100 MW solar PV facility with a 55 MW battery energy storage system, along with standalone battery projects in multiple municipalities. Additional commitments involve $489.4 million for three standalone battery energy storage systems and $133.6 million for a solar project in Yabucoa, totaling over 455 MW of new energy capacity. These projects are expected to significantly enhance the reliability of Puerto Rico's electric grid, which has struggled with outages since Hurricane Maria in 2017. They align with local and federal goals of achieving 100% renewable energy by 2050 and are part of a broader effort to ensure that 40% of federal clean energy investments benefit disadvantaged communities. The ongoing projects aim to reduce reliance on imported fuels and lower high energy costs for Puerto Ricans, which are currently significantly above the U.S. average.