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PROJECT SUMMARY
In October 2024, LPO announced the closing of an $861.3 million 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. 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.
TECHNOLOGY
Project Marahu will play an integral role in improving Puerto Rico’s energy resilience and affordability while helping Puerto Rico meet its ambitious clean energy and climate goals. The clean, affordable electricity generated by this project will replace the power produced by Puerto Rico's diesel and coal plants, eliminating the pollution associated with those plants. 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.
ECONOMIC IMPACT
This project will support approximately 750 construction jobs and more than 50 full-time jobs once fully operational.
The project will also help relieve energy burdens of Puerto Rican residents, who pay energy costs significantly higher than the U.S. average. According to the Climate and Economic Justice Screening Tool, the Commonwealth of Puerto Rico, including the communities surrounding the Salinas and Jobos projects, faces some of the greatest energy burdens in the United States.
CLIMATE BENEFIT
The operation of the solar and storage systems is expected to eventually replace existing fossil fuel-based generation and reduce emissions by nearly 2.7 million tonnes of CO2e per year, an amount roughly equivalent to the annual emissions of around 533,000 gasoline-powered passenger vehicles.
COMMUNITY BENEFIT
The Project Marahu team includes two community relations managers who are from the Guayama community and a group of local community engagement advisors. Local labor leaders will be engaged for the construction and operations planning at both the Jobos and Salinas sites. AES, through existing facilities operating in Puerto Rico, has forged partnerships with community development non-profits and minority-serving educational institutions. AES has also worked with a variety of organizations to lead capacity-building and entrepreneurship programs for Guayama and Salinas community members for several years and has formalized programs offering targeted training and career development opportunities for women.
PROJECT STATISTICS: AES MARAHU
PROJECT SUMMARY | Owner | Clean Flexible Energy, LLC |
Sponsors | The AES Corporation, TotalEnergies Holdings USA, Inc. | |
Locations | Puerto Rico (Guayama and Salinas) | |
FINANCIAL SUMMARY | Loan Program | 1706 |
Loan Type | Loan Guarantee | |
Guaranteed Loan Amount* | $861.3 Million | |
Issuance Date | October 2024 | |
ECONOMIC IMPACT | Permanent U.S. Jobs Supported | 50 |
U.S. Construction Jobs Supported ** | 750 | |
PROJECT CILMATE BENEFIT | CO2-e Saved Annually | 2.7 Million Metric Tons |