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Convergent, a US energy storage developer, has secured a $585m guaranteed loan from the US Department of Energy (DoE) to support renewable energy projects in Puerto Rico. The funding will enable the construction of a 100MW solar plant and a 55MW battery in Coamo, along with three stand-alone battery storage systems planned for Caguas, Peñuelas, and Ponce. These systems will supply power directly to Puerto Rico’s grid, supporting its goal of 100% clean energy by 2050. “Convergent has a long history of supporting an energy landscape that is less expensive, more reliable, and increasingly sustainable,” said Frank Genova, Convergent’s CFO and co-founder. “We look forward to enhancing grid reliability for communities across Puerto Rico.” These projects aim to reduce reliance on diesel and coal plants, cutting pollution and carbon emissions while improving energy resilience and affordability. Convergent is partnering with Puerto Rico’s Department of Economic Development and Commerce to create a workforce plan prioritising diversely owned businesses. Approximately 540 construction jobs are expected to be generated. |
