The US Division of Vitality (DOE) as we speak introduced $1.2 billion in financing to switch Puerto Rico’s fossil gas vegetation with photo voltaic and battery storage via 2032.
The DOE’s Mortgage Applications Workplace introduced two conditional commitments and one mortgage closing to energy producers in Puerto Rico. Every helps a undertaking contracted with the Puerto Rico Electrical Energy Authority. The bulletins embody:
- The closing of a $584.5 million mortgage assure to subsidiaries of Convergent Vitality to finance a 100 MW photo voltaic farm with a 55 MW (55 MWh) battery power 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 enlargement within the municipality of Yabucoa
- A conditional dedication for a mortgage assure of as much as $489.4 million to a subsidiary of Sample Vitality 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 tasks would greater than double LPO’s help for utility-scale photo voltaic era and battery power storage in Puerto Rico.
LPO gives low-cost financing and a rigorous due diligence course of, making it a priceless useful resource for Puerto Rico as it really works to rebuild an inexpensive, dependable, and clear power system. Because of reliance on imported gas, the persistent risk of tropical storms, and underinvested infrastructure, Puerto Ricans as we speak face common power prices which might be twice the US common – all whereas consuming solely one-quarter of the power of the US per capita.
LPO’s preliminary mortgage to an influence producer in Puerto Rico, Undertaking 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 power storage to Puerto Rico’s grid.
By way of its September 2023 partial mortgage assure to Undertaking Hestia, LPO additionally helps digital energy plant (VPP)-ready rooftop photo voltaic and battery storage installations in Puerto Rico. As a nationwide undertaking, Hestia’s sponsor is dedicated to no less than 20% of installations underneath Undertaking 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 undertaking. Vitality storage techniques presently on-line in Puerto Rico are being dispatched each 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 acquire underneath its preliminary request for power storage undertaking proposals, the primary of six.
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