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Convergent Energy and Power, a company specializing in energy storage systems in North America, has revealed the completion of its $584.5 million secured loan facility from the U.S. Department of Energy Loan Programs Office aimed at developing a solar photovoltaic (PV) system paired with an integrated battery storage solution, along with three independent battery storage systems throughout Puerto Rico.
According to a statement released on Saturday, Convergent’s solar PV and battery storage installations will be crucial in boosting Puerto Rico’s energy resilience and cost effectiveness while aiding the island in achieving its ambitious clean energy and climate objectives.
“Convergent has a longstanding commitment to fostering an energy environment that is more affordable, dependable, and progressively sustainable,” stated Frank Genova, CFO and co-founder of Convergent. “As a top-tier developer of energy storage and solar PV technologies, we possess both the know-how and the funding to advance Puerto Rico’s electrical infrastructure into the future. We are eager to improve grid reliability for communities throughout Puerto Rico.”
In the municipality of Coamo, Convergent’s solar-plus-storage project will consist of a 100 megawatt (MW) solar PV system combined with a 55 MW/55 MWh battery storage system. Additionally, three utility-scale standalone battery storage systems are proposed for the municipalities of Caguas, Peñuelas, and Ponce. These installations will feed power directly to the island’s grid and provide essential energy storage to help Puerto Rico achieve its target of 100% clean energy resources by 2050.
Widespread implementation of solar and battery storage can greatly benefit communities across the island by lowering Puerto Rico’s steep energy costs, which are, on average, considerably higher than those of the continental United States.
Convergent has stated that it is collaborating with the Department of Economic Development and Commerce to develop an integrated apprenticeship and hiring strategy that aligns with municipal, commonwealth, and federal objectives, prioritizing workforce diversity and supporting minority- and women-owned business enterprises as subcontractors where feasible. The projects are anticipated to generate around 540 construction jobs.
