DOE Backs Puerto Rico's Turn to Solar After Beryl's Damage

July 22, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--As Puerto Rico struggles to recover from Hurricane Beryl's devastation, the U.S. Department of Energy (DOE) is lending a hand with a loan guarantee of up to $861.3 million for a pair of solar-power projects and a pair of standalone battery energy-storage systems (BESS) on the southern side of the island territory. The two projects are among more than $3.8 billion worth of active and planned projects across Puerto Rico's Power Industry that are tracked by Industrial Info; about 70% is attributed to power-generation developments, with the remainder toward transmission and distribution (T&D). The two DOE-backed solar projects are being developed by Clean Flexible Energy LLC, a joint venture between AES Corporation (NYSE:AES) and TotalEnergies SE's (NYSE:TTE) U.S. subsidiary.