Utility-scale solar generation + reliable storage capacity = improved grid resilience + reduced energy costs for Puerto Rico! Today, LPO and the U.S. Department of Energy (DOE) announced the closing of a $861.3MM loan guarantee to finance the construction of two solar photovoltaic (PV) farms equipped with battery storage and two standalone battery energy storage systems (BESS) in Puerto Rico. (See: https://lnkd.in/gvwc8U-R)
As DOE Secretary Jennifer Granholm puts it, “Today’s announcement will help add up to 200 megawatts of solar generation and another 285 megawatts 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.”
Marahu represents the second financial close of a project financed via LPO’s Energy Infrastructure Reinvestment (EIR) program, which was created by the Inflation Reduction Act (IRA) to 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. (Energy.gov/LPO/EIR)
Read the full DOE announcement here: https://lnkd.in/gvwc8U-R and see LPO’s Marahu project page for more details: https://lnkd.in/g3a_MGJg
LEARN MORE:
• LPO’s Marahu Project Page: https://lnkd.in/g3a_MGJg
• LPO Energy Infrastructure Reinvestment (EIR) Program: Energy.gov/LPO/EIR
• LPO Title 17 Clean Energy Financing: https://lnkd.in/gN2jDVbw
• The Biden-Harris Administration “Investing in America” Agenda: WhiteHouse.gov/Invest
• Read about other recent project announcements on LPO’s blog: https://lnkd.in/g23s_Uk4
• Explore LPO’s full portfolio of projects: Energy.gov/LPO/Projects
