The initiative supports projects that repurpose or replace energy infrastructure to reduce emissions and improve environmental outcomes. Credit: bombermoon/Shutterstock.

Convergent Energy and Power has secured a $584.5m loan from the US Department of Energy (DOE) to develop solar and battery storage systems in Puerto Rico.

The project aims to enhance the island’s energy resilience and affordability while contributing to its clean energy and climate goals.

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The financing is part of the Energy Infrastructure Reinvestment programme under Title 17 Clean Energy Financing, established by the Inflation Reduction Act.

The initiative supports projects that repurpose or replace energy infrastructure to reduce emissions and improve environmental outcomes.

Convergent’s chief financing officer and co-founder Frank Genova stated: “Convergent has a long history of supporting an energy landscape that is less expensive, more reliable and increasingly sustainable.

“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.”

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In Coamo, Convergent will install a 100MW solar photovoltaic (PV) system alongside a 55MW/55 megawatt hours (MWh) battery storage system as part of its solar-plus-storage project. The solar PV facility will deliver 200,000MWh of energy annually into Puerto Rico’s grid.

Three stand-alone battery storage systems are planned for Caguas, Peñuelas and Ponce, directly feeding Puerto Rico’s grid. The systems will provide up to 900MWh of storage capacity.

The project will avoid 2.5 million tonnes (mt) of carbon dioxide emissions annually, equivalent to the emissions from the energy usage of 335,000 homes.

The initiative aims to reduce Puerto Rico’s high energy costs, which are above the US average.

The clean electricity generated will replace some of the power from diesel and coal plants, reducing pollution.

Convergent is also collaborating with Puerto Rico’s Department of Economic Development and Commerce to implement an apprenticeship and hiring plan prioritising workforce diversity.

The project is expected to generate 540 construction jobs. In addition, the project aims to support municipal, commonwealth and federal goals by incorporating minority and women-owned business enterprises as subcontractors wherever possible.