Puerto Rico will soon be home to a significantly larger solar photovoltaic infrastructure energy capacity thanks to a number of newly signed agreements between the scenic Caribbean territory and a number of notable renewable energy companies.
To be precise, six companies have been given the go-ahead to begin construction on their particular PV plants — Horizon in Salinas, YFN Yabucoa in Yabucoa Solar, Oriana in Aguadilla, San Germán Solaner, Grupotec in Hatillo, and Athens Solar in Manatee.
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The Caribbean territory’s energy regulator AEE said it had renegotiated cheaper power purchase agreements with the companies and was close to closing a seventh deal. AEE announced last year that it would renegotiate previously agreed PPAs with renewable energy developers in order to drive down prices.
At the same time AEE said it was introducing new rules making it mandatory for renewable energy developers to include an energy storage system in projects equal to 30% of the project’s rated capacity. The body this week said the renegotiated PPAs would save it a total US$60 million.
“The authority reached settlements with six companies (who will) now produce energy through photovoltaic systems. These electricity companies produce at reasonable prices, as promised. We’re giving continuity to renewable energy projects, but, responsibly, ensuring the public interest and fairness to all parties,” stated John F Alicea Flores, the executive director of the AEE.
Puerto Rico is currently pursuing its goal of possessing 600 MW worth of renewable energy capacity by the end of 2015 — the six new projects will bring the territory’s total renewable energy capacity up to right around 375 MW.