On January 18, 2025, the U.S. Department of Energy announced a $1.2 billion funding package to support renewable energy projects in Puerto Rico.
The initiative aims to reduce the region's dependence on fossil fuels and enhance the resilience of its energy system.
The funding includes $585 million in loan guarantees to construct a 100-megawatt solar power plant in the town of Coamo, along with a 55-megawatt battery storage system. Additionally, $489 million in loan guarantees will be allocated to deploy three battery storage systems in Arecibo and Santa Isabel, while another $133 million in loan guarantees will support the development of a 32-megawatt solar power system in Yabucoa. These projects will contribute to Puerto Rico’s goals of achieving 40% renewable energy by 2025, 60% by 2040, and 100% by 2050.
For Chinese companies, this initiative could present new opportunities for collaboration. China holds a leading position in solar and energy storage technologies, and relevant enterprises can explore project tenders and partnership opportunities in the Puerto Rican market. Participating in local renewable energy projects could facilitate the export of Chinese technology and equipment, contributing to the global energy transition.
In recent years, Chinese investments in the global renewable energy sector have continued to grow. As of June 30, 2024, major Chinese state-owned enterprises had invested in 333 photovoltaic and wind power projects across 39 countries, with a total installed capacity of 40,212.64 megawatts. These investments are not limited to Asia and Africa but also extend to regions such as Latin America.