Convergent Energy and Power, a leading provider of energy storage solutions in North America, announced the closing of its $584.5 million guaranteed loan facility from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to build a solar photovoltaic (PV) system with an integrated battery storage system and three stand-alone battery storage systems across Puerto Rico.
Convergent’s solar PV and battery storage systems will significantly improve Puerto Rico’s energy resilience and affordability while helping Puerto Rico meet its ambitious clean energy and climate goals.
Convergent’s solar-plus-storage installation in the municipality of Coamo will be a 100 MW solar PV system paired with a 55 MW/55 MWh battery storage system. And three utility-scale stand-alone battery storage systems are planned for the municipalities of Caguas, Peñuelas, and Ponce. These systems would generate power directly to Puerto Rico’s grid and offer energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
Widescale solar and battery storage deployment could help benefit communities across the island by reducing Puerto Rico’s high energy costs, which, on average, are significantly higher than for the continental US.
The clean and affordable electricity generated by these systems can replace some of the power produced by Puerto Rico’s diesel and coal plants, which would reduce pollution and contribute to the avoidance of carbon dioxide emissions.
Convergent is working with the Puerto Rico Department of Economic Development and Commerce to set up an integrated apprenticeship and hiring plan that will align with the municipal, commonwealth, and federal goals to prioritize workforce diversity and minority and women-owned business enterprises as subcontractors where commercially feasible. The systems are expected to create about 540 construction jobs.
KEY QUOTE:
“Convergent has a long history of supporting an energy landscape that is less expensive, more reliable, and increasingly sustainable. As a leading developer of energy storage and solar PV systems, we have the expertise—and the capital—to bring Puerto Rico’s electric grid into the future. We look forward to enhancing grid reliability for communities across Puerto Rico.”
- Convergent’s CFO and Co-Founder, Frank Genova
