• Strengthening Puerto Rico’s Grid: $584.5M DOE-backed project will enhance grid reliability and reduce energy costs across Puerto Rico.
• Advancing Clean Energy Goals: Convergent’s solar and battery systems support Puerto Rico’s 100% clean energy target by 2050.
• Job Creation & Inclusion: Project to generate 540 construction jobs and prioritize diverse and minority-owned subcontractors.

Convergent Energy and Power (Convergent), a leader in energy storage solutions, has closed a $584.5 million guaranteed loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). This funding will support the construction of solar photovoltaic (PV) and battery storage systems to bolster Puerto Rico’s energy resilience and affordability.

“These systems are key to an energy future that is less expensive, more reliable, and increasingly sustainable,” said Frank Genova, CFO and Co-Founder of Convergent. “We look forward to enhancing grid reliability for communities across Puerto Rico.”

The Plan:

• A 100 MW solar PV system with a 55 MW/55 MWh battery will be built in Coamo.
• Three standalone battery systems will be deployed in Caguas, Peñuelas, and Ponce.
• These systems will reduce reliance on fossil fuels, helping replace power from diesel and coal plants with clean, affordable electricity.

Broader Impacts:

Puerto Rico’s energy costs are among the highest in the U.S. Widescale solar and battery deployment aims to lower costs while contributing to the island’s 100% clean energy goal by 2050. The project will also help cut carbon dioxide emissions by reducing dependence on polluting fossil fuels.

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Workforce & Inclusion:

The project is expected to create 540 construction jobs, with a focus on workforce diversity. Convergent is collaborating with the Puerto Rico Department of Economic Development and Commerce to develop an apprenticeship and hiring plan, prioritizing minority and women-owned business enterprises as subcontractors.

This milestone follows a conditional commitment from the DOE received on December 18, 2024. The solar and storage systems represent a significant step toward a more sustainable energy future for Puerto Rico.

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