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Today, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for a loan guarantee of up to $861.3 million to Clean Flexible Energy, LLC 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. The facilities will be located in the municipalities of Guayama (Jobos) and Salinas and will help deliver clean, reliable, and affordable power throughout Puerto Rico.
As part of President Biden’s Investing in America agenda to create good-paying, high-quality job opportunities in communities across the country, this project will support approximately 750 construction jobs and over 50 full-time jobs once fully operational. Today’s announcement also reinforces the Biden-Harris Administration’s deep commitment to rebuilding and modernizing Puerto Rico’s electric grid.
Project Marahu will play an integral role in improving Puerto Rico’s energy resilience and affordability by supporting the retirement of fossil fuel power plants reliant on imported fuel and increasing renewable energy generation. Collectively, the project comprises 200 MW of solar PV and up to 285 MW (1,140 MWh) of stand-alone BESS capacity and will produce approximately 460,000 MWh of energy annually, enough to power approximately 43,000 homes. The project will generate power directly to Puerto Rico’s grid and provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050.
While this conditional commitment indicates DOE’s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
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