US announces $1.2 billion to help finance renewable energy projects in Puerto Rico
The U.S. Department of Energy says it's setting aside $1.2 billion in federal funds to help finance renewable energy projects in Puerto Rico to reduce its dependence on fossil fuels
SAN JUAN, Puerto Rico — The U.S. Department of Energy said Friday it was setting aside $1.2 billion in federal funds to help finance renewable energy projects in Puerto Rico to lessen its dependence on fossil fuels.
The funding includes the closing of a $585 million loan guarantee to finance a 100-megawatt system of solar panels in four cities — Ponce, Caguas, Coamo and Peñuelas. The system is planned to include a 55-megawatt battery energy storage system.
The U.S. agency also offered two conditional commitments for a loan guarantee of more than $489 million for three-battery energy storage systems for the towns of Arecibo and Santa Isabel, and another loan guarantee of more than $133 million for a 32-megawatt solar panels system in the town of Yabucoa.
In all, the projects will allow for the storage of 455 megawatts of energy. Other cities, including the capital of San Juan, already have multiple solar projects.
Puerto Rico has struggled with chronic power outages since Hurricane Maria pummeled the U.S. territory in September 2017 as a Category 4 storm, razing an electric grid that previously lacked maintenance and investment.
On Dec. 31, a blackout hit nearly the entire island, disrupting New Year Eve plans.
In 2019, the Puerto Rico legislature passed a law setting goals for the island to meet 40% of its electricity needs with renewable energy by 2025, as well as 60% by 2040 and 100% by 2050.
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