The US Division of Power (DOE) at present introduced $1.2 billion in financing to exchange Puerto Rico’s fossil gas crops 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 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 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 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 assist for utility-scale photo voltaic technology and battery power storage in Puerto Rico.
LPO supplies low-cost financing and a rigorous due diligence course of, making it a useful useful resource for Puerto Rico as it really works to rebuild an reasonably priced, dependable, and clear power system. Because of reliance on imported gas, the persistent risk of tropical storms, and underinvested infrastructure, Puerto Ricans at present 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, Challenge 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 its September 2023 partial mortgage assure to Challenge 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 beneath Challenge 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. Power storage methods at the moment on-line in Puerto Rico are being dispatched on daily basis.
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 beneath its preliminary request for power storage undertaking proposals, the primary of six.
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