By The Star Staff
Convergent Energy and Power, a provider of energy storage solutions in North America, has announced the closing of its $584.5 million guaranteed loan facility from the U.S. Department of Energy Loan Programs Office 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 the island meet its ambitious clean energy and climate goals, according to a statement issued Saturday.
“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. “As a leading developer of energy storage and solar PV systems, we have the expertise -- and the capital -- to bring Puerto Rico’s electrical 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 megawatt (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 the island grid and provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
Wide-scale 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 United States.
Convergent said it is working with the Department of Economic Development and Commerce to establish an integrated apprenticeship and hiring plan that will align with 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 some 540 construction jobs.