The U.S. Department of Energy (DOE), through its Loan Programs Office (LPO), is set to guarantee an $861.3 million loan to finance the construction of two solar PV farms equipped with battery storage and two standalone battery energy storage systems (BESS) in Puerto Rico.
The Project Marahu facilities will be located in the municipalities of Guayama and Salinas and are expected to help deliver clean power throughout Puerto Rico.
The borrower is Clean Flexible Energy, an indirect subsidiary of The AES Corporation and TotalEnergies Holdings USA that is managed under a joint venture agreement between the two companies.
“President Biden and Vice President Harris understand that access to reliable energy is a matter of life or death, especially in the face of climate-change fueled natural disasters that are increasing in intensity and frequency,” says U.S. Secretary of Energy Jennifer M. Granholm.
“Today’s announcement will help add up to 200 MW of solar generation and another 285 MW of reliable storage capacity to Puerto Rico’s electric grid to improve the grid’s resilience and help reduce energy costs that have remained too high for too long for too many families, all while enabling the Commonwealth to reach its ambitious climate goals.”
As part of the Biden-Harris administration’s efforts to build an equitable clean energy future, LPO borrowers are expected to develop and ultimately implement a comprehensive Community Benefits Plan. That plan is being finalized for the Marahu project.
The Project Marahu team includes two community relations managers who are from the Guayama community and a group of local community engagement advisors.
This project is financed through the Energy Infrastructure Reinvestment (EIR) program under Title 17 Clean Energy Financing Section 1706. Created by the Inflation Reduction Act, EIR can finance projects that retool, repower, repurpose or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to avoid, reduce, utilize or sequester air pollutants or greenhouse gas emissions.
Project Marahu will assist in replacing coal energy infrastructure with clean energy facilities. The Puerto Rico Energy Public Policy Act requires Puerto Rico’s utility to cease all coal-fired energy generation by 2028 and shift to a 100% renewable energy mix by 2050.
The post DOE Guarantees $860M Loan for Puerto Rico Utility-scale Solar and Battery Storage Construction appeared first on Solar Industry.
DOE Guarantees $860M Loan for Puerto Rico Solar, Battery Storage
I’m not a financial pro, but here’s some advice:
Don’t live on a budget. Make a lot of money and live far beneath your means. What value does luxury actually bring to your life, especially if it makes you nervous about running out of cash?
As I told my kids when they were growing up, “Unless you’re completely shallow, showing off your money is an idiotic thing to do. You make false friends and have people glomming onto you to sell you stuff you really don’t need.”
Warren Buffett still lives in a modest house in Nebraska, a state in which he could buy an entire country. Maybe there is something about him and his values that could benefit you.
I see.
There’s not enough land in Spain to support rooftop and ground-mounted solar at a fraction of the cost.
LOL.
It’s possible that right now, there are other civilizations observing the human race, studying us from afar, and noticing our decline into savagery and eventual extinction by turning billionaires into trillionaires.
People say that the principal weakness of human beings is that we can’t plan for the future as a species. Dogs are arguably even worse, though they aren’t consumed with greed. They don’t plot the starvation of millions of other dogs so they themselves can have enough food to last a billion years.
As an elderly man, I’ll be leaving this planet soon, but I won’t cease pondering this until my heart stops beating.
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