The U.S. Department of Energy has announced a significant investment of $1.2 billion in federal funds aimed at financing renewable energy projects in Puerto Rico. This initiative is part of a broader effort to reduce the island’s dependence on fossil fuels and enhance its energy infrastructure.
Key Funding Details:
- Solar Energy Projects: The funding includes a $585 million loan guarantee for a 100-megawatt solar panel system that will be installed across four cities: Ponce, Caguas, Coamo, and Peñuelas. This system will also feature a 55-megawatt battery energy storage component.
- Additional Investments: The Department has provided two conditional commitments for over $489 million in loan guarantees for three battery energy storage systems in Arecibo and Santa Isabel. Additionally, there is a loan guarantee of more than $133 million for a 32-megawatt solar panel system in Yabucoa.
- Energy Storage Capacity: Collectively, these projects will enable the storage of 455 megawatts of energy, contributing to the overall energy resilience of the island. Other cities, including San Juan, are already implementing various solar projects.
Puerto Rico has been grappling with chronic power outages since Hurricane Maria devastated the territory in September 2017. The storm severely damaged an electric grid that had long suffered from neglect and underinvestment. A recent blackout on December 31 affected nearly the entire island, underscoring the urgent need for improved energy infrastructure.
In response to these challenges, the Puerto Rican legislature passed a law in 2019 that sets ambitious renewable energy goals: 40% of the island’s electricity needs are to be met with renewable sources by 2025, 60% by 2040, and 100% by 2050.
This investment from the U.S. Department of Energy is a crucial step toward achieving these goals and transforming Puerto Rico’s energy landscape.
Learn more:
- US announces $1.2 billion to help finance renewable energy projects in Puerto Rico
- US announces $1.2 billion to help finance renewable energy projects in Puerto Rico – WTOP News
- US announces $1.2 billion to help finance renewable…
