Green Energy Fund making $11M in incentives available as of July 1
The new fiscal year that starts July 1 will make $11 million in incentives available to businesses looking to invest in renewable energy projects, Economic Development and Commerce Secretary José Pérez-Riera said Thursday.
Through the Green Energy Fund, businesses looking to build renewable energy systems generating between 100 kilowatts and 1 megawatt of power could be eligible for government assistance.
“These incentives are assigned through a competitive procurement process through which bidders submit online proposals,” Pérez-Riera said. “Reimbursements under this segment are for up to 50 percent of the project’s costs, which reduce the repayment of this investment to less than 5 years.”
The Green Energy Fund has already provided funding to some 20 renewable energy projects under development by businesses islandwide, worth some $32.8 million, Pérez-Riera said. Some of the companies that have benefited from incentives are: the Isla Verde Mall; Master Paints; Aeropuerto de Ponce; Plaza Guayama; Bananera Pagán; V. Suárez; Clinical Medical Services; and Costco.
The strategy “has been an effective economic development tool that has enabled us to create ‘green’ jobs and retain jobs in other productive sectors of the economy,” said for his part Luis Bernal, executive director of the Energy Affairs Administration.