Convergent Energy and Power, a leading provider of energy storage solutions in North America, has announced the closing of its US$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 play a vital role in improving Puerto Rico’s energy resilience and affordability, while helping Puerto Rico meet its ambitious clean energy and climate goals.
“Convergent has a long history of supporting an energy landscape that is less expensive, more reliable, and increasingly sustainable,” said Convergent’s CFO and Co-Founder, Frank Genova. “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 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. 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 provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
Widescale solar and battery storage deployment can 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, 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 establish an integrated apprenticeship and hiring plan that will align with the municipal, commonwealth, and federal goals to prioritise workforce diversity and minority and women-owned business enterprises as subcontractors where commercially feasible. The systems are expected to create approximately 540 construction jobs.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global’s Winter 2024 issue
Don’t miss out on our last issue of the year! The Winter issue of Energy Global is out now; this issue kicks off with a guest comment from Veronica Maxted, Director of Renewables at RS Group before moving on to a regional report on the current state of the renewables industry in North America. This edition of the magazine also explores key topics such as inspection and maintenance, solar optimisation, energy storage technology, geothermal drilling and operations, and much more. With contributions from key industry leaders such as Viridien, Hexagon, DNV Energy Systems, and Halliburton, among others, dive into the issue and see what you could learn.
Read the article online at: https://www.energyglobal.com/solar/20012025/convergent-energy-and-power-closes-us5845-million-guaranteed-loan-from-the-us-department-of-energy/
#Convergent #Energy #Power #closes #US584.5 #million #guaranteed #loan #U.S #Department #Energy