FOMB-Approved Projects to Push Green Energy Share to 23 Percent
18 Renewable PPOAs Conditioned on Cost Controls
As Puerto Rico’s Financial Oversight and Management Board (FOMB) “conditionally” approved last week 18 proposed power purchase and operating agreements (PPOAs) between the Puerto Rico Electric Power Authority (Prepa) and 15 companies that would increase the renewable energy share of utility generation from the
current three percent to 23 percent by 2024, the board assured it would use Title V of the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) to expedite permits for privately owned renewable energy projects.
The board-approved contracts, which had been authorized by the Puerto Rico Energy Bureau (PREB), will provide 844 megawatts (MW) of renewable energy for the island. The projects constitute the first tranche of several, making up more than 3,700 MW that PREB has required through a competitive process.
The regulator had hired New Hampshire-based Accion Group LLC in December to speed up the bidding processes for the installation of renewable energy and battery storage in the grid after PREB Chair Edison Avilés Deliz determine…
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