Convergent Energy and Power Secures Milestone Loan Commitment

Convergent Energy and Power's Commitment to Renewable Energy

Convergent Energy and Power, known for leading the charge in energy storage solutions across North America, proudly announces its latest achievement: a conditional commitment from the U.S. Department of Energy Loan Programs Office (LPO). This commitment involves a loan guarantee reaching up to $559.4 million, aimed at funding solar photovoltaic (PV) systems and integrated battery storage across Puerto Rico to enhance the region's energy resilience.

Transforming Energy Infrastructure in Puerto Rico

The ambitious project involves constructing a massive 100 MW solar PV system combined with a potent 55 MW/55 MWh battery storage system in the municipality of Coamo. Moreover, the implementation plans also reveal three standalone utility-scale battery storage systems slated for other municipal areas, including Caguas, Peñuelas, and Ponce. Such improvements are significant steps toward transitioning Puerto Rico towards more sustainable energy resources, contributing to the island’s declared goal of achieving full reliance on clean energy by 2050.

Impact on Energy Emissions

Implementing this solar-plus-storage initiative is projected to prevent nearly 2.5 million tonnes of carbon dioxide equivalent emissions annually. By reducing the reliance on fossil fuels for electricity generation, these efforts promise a cleaner and more sustainable environment for residents and future generations.

Community Engagement and Labor Standards

Convergent recognizes the importance of community involvement during such major projects. As part of the commitment to responsible development, the LPO enforces the establishment of a Community Benefits Plan. This ensures that local communities benefit from the projects through improved job standards and community engagement during construction and operation phases.

Innovative Leadership in Energy Storage

Founded in 2011, Convergent Energy and Power has established itself as a pioneering force in the realm of energy storage, currently overseeing approximately 800 MW/1 GWh of solar and energy storage systems that collectively power around 750,000 homes. By continuously exploring innovative practices and applications, Convergent remains at the forefront of the renewable energy sector.

Trailblazing Innovations

Convergent has made significant strides by achieving several industry milestones, including the first non-wires alternative for utility infrastructure in the U.S. and the largest behind-the-meter battery energy storage system when it launched. These accomplishments position the company as a leader in identifying and implementing sustainability-focused solutions in the energy sector.

The Role of the DOE Loan Programs Office

The conditional commitment serves as an early indication of the Department of Energy’s support for innovative energy projects. However, it is essential to note that the funding process requires completing an environmental review and meeting various technical, legal, environmental, commercial, and financial conditions before final agreements can be established.

About the Company

Convergent Energy and Power continues to leverage over a decade of experience in financing, developing, and managing energy storage projects. Their commitment to reducing electricity costs for their customers while simultaneously promoting clean energy transition is evident in every aspect of their operations. Utilizing their advanced asset management platform, PEAK IQ®, they optimize system performance and ensure maximum value for their investments.

Frequently Asked Questions

What is the purpose of Convergent’s latest project?

The project aims to install solar PV systems paired with battery storage to enhance energy resilience and promote clean energy in Puerto Rico.

How much is the loan guarantee from the DOE?

The loan guarantee from the U.S. Department of Energy is up to $559.4 million.

What are the environmental benefits of this project?

The initiative is expected to prevent nearly 2.5 million tonnes of carbon emissions annually by reducing reliance on fossil fuels for power generation.

How does Convergent engage with local communities?

Convergent is committed to community engagement through its Community Benefits Plan, ensuring local workers and residents benefit from the project.

When was Convergent Energy and Power founded?

Convergent Energy and Power was established in 2011 and has rapidly advanced in the energy storage sector since then.

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