DOE closes $861M loan for solar, battery storage in Puerto Rico - E&E News by POLITICO

The Energy Department’s Loan Programs Office announced Tuesday it had finalized an $861.3 million loan guarantee to help build solar and battery systems in Puerto Rico.

The loan guarantee to develop the utility-scale renewable energy projects in the territory is the latest deal to close under the office, which was largely dormant during the previous administration but has been revived under President Joe Biden.

However, most of the office’s new portfolio remain as conditional commitments, which will need to meet additional requirements before they secure the funding. It remains an open question how former President Donald Trump would utilize the office, should he be elected.

The newly finalized loan guarantee to Clean Flexible Energy — managed by a joint venture agreement between AES Corp. and TotalEnergies Holdings USA — will finance the construction of two solar farms equipped with battery storage, as well as two stand-alone battery energy storage systems.