Convergent Energy and Power, a top energy storage solutions provider in North America, has secured a $584.5 million guaranteed loan from the U.S. Department of Energy’s Loan Programs Office. The funding will support the development of a solar photovoltaic (PV) system with integrated battery storage and three standalone battery storage systems in Puerto Rico. These projects aim to enhance Puerto Rico’s energy resilience, lower energy costs, and contribute to the island’s clean energy and climate goals.
Frank Genova, Convergent’s CFO and Co-Founder, 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.”
Convergent Energy and Power is building a 100 MW solar PV system paired with a 55 MW/55 MWh battery storage system in Coamo, Puerto Rico. Additionally, three standalone utility-scale battery storage systems will be installed in Caguas, Peñuelas, and Ponce. These projects will supply power directly to Puerto Rico’s grid, supporting its goal of 100% clean energy by 2050. By deploying solar and battery storage on a large scale, Puerto Rico can address its high energy costs, which are significantly higher than those on the U.S. mainland.
The clean electricity generated will help reduce reliance on diesel and coal power, cutting pollution and lowering carbon dioxide emissions. Convergent is collaborating with the Puerto Rico Department of Economic Development and Commerce to create a workforce development plan that prioritizes diversity and includes minority- and women-owned businesses as subcontractors where feasible. The project is expected to generate around 540 construction jobs.
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