Author: PPD Team Date: 21/01/2025
Convergent Energy and Power has secured a $584.5 million loan from the US Department of Energy (DOE) to develop solar and battery storage systems in Puerto Rico.
The funding is part of the Energy Infrastructure Reinvestment program, under the Inflation Reduction Act, which supports projects that repurpose or replace energy infrastructure to reduce emissions and improve environmental outcomes.
Convergent will install a 100MW solar photovoltaic (PV) system and a 55MW/55MWh battery storage system in Coamo, generating 200,000MWh of energy annually. The company plans to add stand-alone storage systems in Caguas, Peñuelas, and Ponce, providing up to 900MWh of capacity. The project is set to avoid 2.5 million tonnes of CO2 emissions annually and reduce reliance on diesel and coal plants, which will lower pollution.
Convergent is also collaborating with Puerto Rico’s Department of Economic Development and Commerce on a workforce diversity plan. The project is expected to generate 540 construction jobs and incorporate minority and women-owned businesses as subcontractors.