Convergent Energy + Power Supports Puerto Rico's Renewable Energy Goals Through Solar Generation

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Solar generation project awarded in first tranche of Puerto Rico Electric Power Authority's multi-tranche plan to modernize Puerto Rico' grid and reach 100% renewable energy by 2050

NEW YORK, July 18, 2022 /PRNewswire-HISPANIC PR WIRE/-- Convergent Energy + Power (Convergent), a leading provider of energy storage solutions in North America, today announced that its Puerto Rico subsidiary has entered into a power purchase and operating agreement with the Puerto Rico Electric Power Authority (PREPA) for a 100 MW solar generation project paired with a 55 MW battery to be located in Coamo, Puerto Rico, a town in the south-central region of the island. The solar-plus-storage system will be owned and operated by Convergent's Puerto Rico subsidiary, Convergent Coamo. Subject to satisfaction of customary conditions, the system is currently expected to come online in 2024 and is part of a larger plan to accelerate Puerto Rico's strategic clean energy transition.

Puerto Rico has ambitious renewable energy goals, which can help the island mitigate the consequences of extreme weather events exacerbated by climate change and an aging, battered electric grid; Hurricanes Maria and Irma were particularly devastating, damaging 80% of Puerto Rico's electric grid. The island has responded to these challenges by setting an ambitious goal of achieving 40% renewable energy by 2025 and 100% renewable energy by 2050, relying on its most abundant resources: solar and wind.

Convergent's large-scale solar-plus-storage system is among the first awarded by PREPA in response to its multi-tranche solicitation effort to modernize Puerto Rico's electric grid. Partnering with PREPA, Convergent will work closely with local stakeholders to increase the reliability of electricity for Puerto Ricans while supporting the commonwealth's renewable energy goals.

"Puerto Rico has commendable renewable energy goals and is taking concrete steps to reach them. Convergent Energy + Power is ready to help Puerto Rico deploy more solar energy, accelerating the clean energy transition," said Johannes Rittershausen, Convergent's CEO. "We are thrilled to help bring cleaner, more reliable power to Puerto Rico with the help of our local partner Ashford Renewable, and PREPA."

About Convergent

Convergent Energy + Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company's commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent's proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. With over $400M invested in projects in operation or allocated to projects under development, Convergent is a leading independent owner and operator of energy storage and solar-plus-storage solutions. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.

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SOURCE Convergent Energy + Power