The US Division of Power (DOE) immediately introduced $1.2 billion in financing to interchange Puerto Rico’s fossil gasoline crops with photo voltaic and battery storage via 2032.
The DOE’s Mortgage Packages Workplace introduced two conditional commitments and one mortgage closing to energy producers in Puerto Rico. Every helps a mission contracted with the Puerto Rico Electrical Energy Authority. The bulletins embrace:
- The closing of a $584.5 million mortgage assure to subsidiaries of Convergent Power to finance a 100 MW photo voltaic farm with a 55 MW (55 MWh) battery vitality storage system (BESS) within the municipality of Coamo and BESS installations within the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (as much as 100MW/400MWh)
- A conditional dedication for a mortgage assure of as much as $133.6 million to a subsidiary of Infinigen for a 32.1 MW photo voltaic farm with an built-in 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS growth within the municipality of Yabucoa
- A conditional dedication for a mortgage assure of as much as $489.4 million to a subsidiary of Sample Power for 3 stand-alone BESS within the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW photo voltaic farm with an built-in BESS within the municipality of Arecibo.
If all are finalized, these initiatives would greater than double LPO’s help for utility-scale photo voltaic technology and battery vitality storage in Puerto Rico.
LPO supplies low-cost financing and a rigorous due diligence course of, making it a beneficial useful resource for Puerto Rico as it really works to rebuild an reasonably priced, dependable, and clear vitality system. Because of reliance on imported gasoline, the persistent risk of tropical storms, and underinvested infrastructure, Puerto Ricans immediately face common vitality prices which might be twice the US common – all whereas consuming solely one-quarter of the vitality of the US per capita.
LPO’s preliminary mortgage to an influence producer in Puerto Rico, Venture Marahu, closed in October 2024, and when full will add greater than 200 MW of photo voltaic and as much as 285 MW of stand-alone vitality storage to Puerto Rico’s grid.
Via its September 2023 partial mortgage assure to Venture Hestia, LPO additionally helps digital energy plant (VPP)-ready rooftop photo voltaic and battery storage installations in Puerto Rico. As a nationwide mission, Hestia’s sponsor is dedicated to no less than 20% of installations below Venture Hestia going to householders in Puerto Rico.
As a part of its procurement plan, Puerto Rico Electrical Energy Authority seeks to put in 1,500 MW of battery storage and requires a minimal capability of storage to be co-located with every utility-scale photo voltaic mission. Power storage methods presently on-line in Puerto Rico are being dispatched every single day.
When together with Marahu, LPO’s closed and conditionally dedicated financing helps over 100% of the capability Puerto Rico Electrical Energy Authority aimed to obtain below its preliminary request for vitality storage mission proposals, the primary of six.
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