Convergent

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PROJECT SUMMARY 

In January 2025, the U.S. Department of Energy Loan Programs Office (LPO) announced the closing of a $584.5 million ($559.4 million in principal and $25.1 million in capitalized interest) loan guarantee to subsidiaries of Convergent Energy and Power Inc. (Convergent), a leading provider of energy storage solutions in North America. The loan guarantee will finance a solar photovoltaic (PV) system with an integrated battery energy storage system (BESS) and three stand-alone BESS projects across Puerto Rico.  

ECONOMIC IMPACT 

Widescale solar and battery storage deployment can help benefit communities across the island by reducing Puerto Rico’s high energy costs, which, on average, are significantly higher than the U.S. average. 

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 540 construction jobs and around 20 full-time jobs once fully operational.

CLIMATE BENEFIT  

The project is also expected to result in the avoidance of nearly 2.5 million tonnes of carbon dioxide equivalent emissions on an annual basis by reducing the need to operate fossil fuel-powered generation. This amount is equivalent to the emissions of 335,000 houses’ energy usage per year.

COMMUNITY BENEFIT 

Convergent is working with its construction partners and local agencies such as the Puerto Rico Department of Economic Development and Commerce (DDEC) to utilize Registered Apprentice Programs. The company is evaluating potential workforce agreements in support of the project. In addition, Convergent expects to have apprentice program workers make up at least 15% of total work hours. These programs will be established with the majority of participants originating from communities local to the projects.  

PROJECT STATISTICS: Convergent