The US Department of Energy (DOE) has unveiled a US$861.3 million loan guarantee to finance the buildout of utility-scale solar PV and battery energy storage system (BESS) in Puerto Rico.
The loan guarantee will allow for the development of up to 200MW of solar PV and 285MW/1,140MWh of standalone BESS in Puerto Rico, said US Secretary of Energy, Jennifer M. Granholm. The borrower of the loan guarantee is Clean Flexible Energy, a joint venture between US utility AES Corporation and French energy major TotalEnergies Holdings.
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Issued through the DOE’s Loan Programs Office (LPO), it follows the announcement made in July of a conditional commitment for the loan guarantee to Clean Flexible Energy.
The projects will be developed in the Puerto Rican municipalities of Guayama (Jobos) and Salinas.
US energy secretary Jennifer Granholm said: “Today’s announcement will help add up to 200MW of solar generation and another 285MW of reliable storage capacity to Puerto Rico’s electric grid to improve the grid’s resilience and help reduce energy costs that have remained too high for too long for too many families—all while enabling the Commonwealth to reach its ambitious climate goals.”
The financing of utility-scale capacity in Puerto Rico is a further boost for Puerto Rico which has a strong capacity from the distribution market and has been praised for its virtual power plant (VPP) implementation.
