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# Convergent Energy and Power Receives Conditional Commitment from LPO to Build Solar PV and Energy Storage in Puerto Rico
By December 18, 2024
*Convergent’s solar and energy storage systems are expected to enhance Puerto Rico’s grid resilience, lower energy costs, and reduce the need for fossil fuel generation*
**NEW YORK, December 18, 2024** – Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that the Company has received a conditional commitment from the U.S. Department of Energy Loan Programs Office (LPO) for a loan guarantee of up to $559.4 million for its subsidiaries to build a solar photovoltaic (PV) system with an integrated battery storage system and three stand-alone battery storage systems across Puerto Rico. These systems are expected to enhance Puerto Rico’s grid resilience, reduce the need for fossil fuel generation, and lower energy costs.
“Enhancing grid reliability and sustainability in Puerto Rico is critical. We applaud the Department of Energy for recognizing Convergent Energy and Power’s track record of expertise in the energy storage and solar sectors through this conditional commitment from the U.S. Department of Energy Loan Programs Office,” said Convergent’s CFO and Co-Founder, Frank Genova. “We look forward to contributing to the modernization of Puerto Rico’s electric grid and advancing its clean energy goals.”
Convergent’s solar-plus-storage installation in the municipality of Coamo will be a 100 MW solar PV system paired with a 55 MW/55 MWh battery storage system. Three utility scale stand-alone battery storage systems are planned for the municipalities of Caguas, Peñuelas, and Ponce. These systems would generate power directly to Puerto Rico’s grid and provide energy storage benefits necessary for Puerto Rico’s goal of achieving 100% clean energy resources by 2050. These systems are expected to contribute to the avoidance of nearly 2.5 million tonnes of carbon dioxide equivalent emissions on an annual basis by reducing the need to operate fossil fuel powered generation.
LPO borrowers develop and implement a  that ensures meaningful community and labor engagement, improves the well-being of residents and workers, and incorporates strong labor standards during construction, operations, and throughout the life of the loan guarantee.
Founded in 2011, Convergent has over 800 MW/1 GWh of energy storage and solar-plus-storage systems operating or under development, which is equivalent to the power consumed by approximately 750,000 homes.
Convergent has been a trailblazer in identifying new applications and industry firsts for both energy storage and solar-plus-storage, including the first non-wires alternative for utility infrastructure in the United States and the largest (at the time) behind-the-meter battery energy storage system in North America.
This  indicates DOE’s intent to finance the project, however, DOE must complete an environmental review, and the company must satisfy certain technical, legal, environmental, commercial, and financial conditions before the Department can determine whether to enter into definitive financing documents and fund the loan guarantee.
For more information, **.**
**About Convergent Energy and Power**Convergent Energy and 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. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit  or follow us on .
**Convergent Press Contact**Kate Siskel
SVP, Marketing and Communications
Convergent Energy and Power
ksiskel [at] convergentep.com
917-508-0274
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* ### Next PostConvergent lands $150M in financing for distributed solar, storage projects
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# Convergent Energy and Power Closes Ground-Breaking Financing Facility from Mitsubishi UFJ Financial Group for its Distributed Energy Storage Project Pipeline
By December 11, 2024
*MUFG will provide programmatic funding to support the current and future construction of Convergent’s distributed generation portfolio*
**NEW YORK, December 10, 2024** – Convergent Energy and Power (Convergent), a leading provider of distributed energy storage solutions in North America, today announced that it has closed a programmatic construction-to-term loan, tax equity bridge loan, and letter of credit facility with Mitsubishi UFJ Financial Group (MUFG). The funding will provide capital for Convergent to accelerate construction of its energy storage and solar PV portfolio across North America.
The facility is structured such that Convergent will receive funding for its near-term distributed-scale systems as the company breaks ground on hundreds of millions of dollars of additional energy storage and solar PV systems. The initial facility anticipates $150M in funding and provides a framework for future financing rounds as Convergent adds to its existing pipeline of over $1bn in opportunities.
“This construction facility ensures that we will continue to be a leader in providing cheaper, cleaner, and more reliable energy to businesses and utilities,” said Convergent’s CFO and Co-Founder, Frank Genova. “Distributed generation assets are integral to the clean energy transition and provide critical infrastructure to modernize our aging power grid. We applaud MUFG for recognizing the strength of Convergent’s platform and look forward to expanding our partnership in the years to come as we meet the growing demand for more cost-effective, reliable, clean energy solutions—particularly battery storage.”
Convergent has more than a decade of expertise financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s industrial and utility-scale assets can yield seven-figure savings while advancing the clean energy transition.
“Convergent has emerged as a leading platform in the clean energy transition through its ability to get systems built efficiently and cost-effectively,” said Fred Zelaya, Managing Director, MUFG. “As demand for electricity rises, distributed generation assets, like battery storage, will support the delivery of clean, reliable power. We’re proud to offer a customized and long-term financing solution to Convergent as it continues its strong track record of bringing critical energy storage solutions online.”
Convergent has over 800 MW / 1 GWh of energy storage and solar-plus-storage systems operating or under development and over $1bn invested in or committed to systems in operation or under development.
**About MUFG and MUFG Americas**Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
**MUFG Press Contact**Alicia Faugier
Corporate Communications
afaugier@us.mufg.jp
* ### Previous PostConvergent lands $150M in financing for distributed solar, storage projects
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# Convergent Energy and Power Closes Programmatic Tax Equity Financing with East West Bank
By November 21, 2024
*Financing deal will support Convergent’s current energy storage portfolios in New York and Maryland, and its broader 2025 portfolio across North America*
**NEW YORK, November 21, 2024 –** Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that it has closed a programmatic tax equity financing deal with East West Bank. The funding will be used for Convergent’s New York and Maryland energy storage portfolios, which can provide more cost-effective, reliable, and sustainable electricity to over 8,000 customers. The deal, originated by Greenprint Capital, also supports Convergent’s broader 2025 portfolio across North America.
“The need for energy storage has never been more pressing and this tax equity financing will allow Convergent to bring grid reliability to communities on the East Coast,” said Convergent’s CFO and Co-Founder, Frank Genova. “We’re thrilled to partner with East West Bank, which recognizes the value of Convergent’s assets and a broader programmatic partnership. We look forward to working together to build a more resilient and sustainable electric grid.”
“East West Bank’s support of Convergent, a leader in the energy storage sector, furthers their mission to develop and scale energy storage solutions,” said Ken Edens, Senior Vice President, Sustainable Finance, at East West Bank. “This initial deal—and our programmatic collaboration—reflects our commitment to helping innovators improve and build the energy landscape of the future.”
**About East West Bank**East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: “EWBC”) with total assets of $72.5 billion as of September 30, 2024. The Company’s whollyowned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.
**East West Bank Press Contact**CorporateCommunications@EastWestBank.com
* ### Previous PostConvergent Energy and Power Closes Ground-Breaking Financing Facility from Mitsubishi UFJ Financial Group for its Distributed Energy Storage Project Pipeline
* ### Next PostConvergent Energy and Power Selected to Participate in The Clean Fight’s “Energy Storage Capital Challenge”
# Convergent Energy and Power Selected to Participate in The Clean Fight’s “Energy Storage Capital Challenge”
By May 16, 2024
*Participation provides access to catalytic capital and/or technical assistance towards a capacity building project in New York State*
**New York, May 16, 2024**—Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that it was selected as participant in The Clean Fight’s *Energy Storage Capital Challenge*, which provides access to catalytical capital and/or technical assistance towards projects that support the reliability of New York’s electric grid. Convergent is one of six total participants.
Convergent’s Brooklyn-based battery energy storage systems will promote a more reliable, sustainable, and cost-effective electric grid. This is critically important in New York, especially in Brooklyn, where demand for electricity can outstrip supply.
The Clean Fight operates the Energy Storage Capital Challenge for the purpose of attracting, vetting, and selecting the most promising innovative energy storage projects in New York by offering their developers and sponsors a set of world-class services and partnerships tailored to their needs. The Program is made possible through the financial support of the New York State Energy Research and Development Authority (NYSERDA) as well as that of the U.S. Department of Commerce’s Economic Development Administration (EDA).
“Energy storage is the linchpin of the clean energy transition and a more reliable electric grid” said Convergent Energy and Power’s CEO and Co-Founder, Johannes Rittershausen. “Convergent is developing an innovative battery storage solution at one of the most constrained points of the electric grid right here in our hometown, which will benefit both the grid and the community.”
Founded in 2011, Convergent is one of the original players in the energy storage sector and is committed to developing an energy landscape that is less expensive, more reliable, and increasingly sustainable.
Energy storage can “firm up” renewable resources, maximize their value to the grid, reduce the cost of electricity (storing energy when it is cheapest, dispatching it when it is most expensive), and enhance the reliability of our aging electric grid increasingly strained by climate change.
**About Convergent Energy and Power**Convergent Energy and 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. Convergent has over $1bn invested in or committed to assets in operation or under development across North America. For more information, visit  or follow us on .
**Convergent Press Contact**
Kate Siskel
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* ### Next PostConvergent Energy and Power’s PEAK IQ® Wins Environment+Energy Leader Award