US Boosts Puerto Rico's Renewable Energy Transition with $1.2 Billion Investment
Friday, Jan 17, 2025 4:06 pm ET
1min read The U.S. Department of Energy (DOE) has announced a significant investment of $1.2 billion to finance renewable energy projects in Puerto Rico, aiming to lessen the island's dependence on fossil fuels and improve its energy resilience. This funding, which includes loan guarantees and conditional commitments, will support the development of solar panel systems and battery energy storage facilities across various cities and towns in Puerto Rico.
The projects funded by this investment will allow for the storage of 455 megawatts of energy, contributing to Puerto Rico's energy resilience and reducing its reliance on fossil fuels. Some of the key projects include:
* A 100-megawatt solar panel system in four cities (Ponce, Caguas, Coamo, and Peñuelas) with a 55-megawatt battery energy storage system (BESS).
* Two conditional commitments for loan guarantees totaling more than $489 million for three-battery energy storage systems in the towns of Arecibo and Santa Isabel.
* Another loan guarantee of more than $133 million for a 32-megawatt solar panel system in the town of Yabucoa.
These projects are expected to generate enough energy to power approximately 19,000 homes each year, enhancing Puerto Rico's grid reliability and energy security.
The DOE's investment in Puerto Rico's renewable energy sector is part of a broader effort to support the island's grid recovery and modernization. The Biden-Harris Administration has been committed to helping Puerto Rico achieve its clean power targets and move closer to a net-zero carbon economy by 2050. The PR100 Study, a joint effort by the DOE and FEMA, outlines pathways to achieve a 100% renewable energy future for Puerto Rico by 2050, including grid stabilization measures and the deployment of distributed energy resources.
The DOE's Programa Acceso Solar, launched on February 22, 2024, aims to connect up to 30,000 low-income households with residential rooftop solar and battery storage systems with zero upfront costs. This program is a consumer-facing application phase of the first round of funding from the Puerto Rico Energy Resilience Fund, a $1 billion DOE program focused on improving the resilience of Puerto Rico's electric grid with an emphasis on the region's most vulnerable and disadvantaged households and communities.
The U.S. Department of Energy's investment in Puerto Rico's renewable energy projects is a testament to the Biden-Harris Administration's commitment to supporting the island's energy transition and improving its resilience to natural disasters. These projects, along with other initiatives supported by the Administration, will help Puerto Rico achieve its energy resilience and grid modernization goals, ultimately improving the lives of its residents.
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