Caribbean Product Exchange in Puerto Rico Was Awarded $1,000,000 to Develop a Renewable Energy System
ERIE, Pa., April 23, 2024 – Today, in honor of Earth Day 2024, Agriculture Deputy Secretary Xochitl Torres Small announced that the U.S. Department of Agriculture (USDA) is funding more than 700 clean energy projects to lower energy bills, expand access to domestic biofuels and create jobs and new market opportunities for U.S. farmers, ranchers and agricultural producers. Many of the projects are funded by President Biden’s Inflation Reduction Act, the nation’s largest-ever investment in combating the climate crisis.
Maximiliano J. Trujillo-Ortega, USDA Rural Development State Director for Puerto Rico indicated the Caribbean Product Exchange LLC a small business dedicated to food distribution in the municipality of Cataño, was awarded $1,000,000. They will purchase and install a renewable energy system that will provide a saving of $279,054 per year in electricity cost.
The projects advance President Biden’s Investing in America agenda to grow the nation’s economy from the middle out and bottom up. They will create jobs and spur economic growth in rural communities by increasing competition in agricultural markets, lowering costs and build more clean energy projects.
“The Biden-Harris Administration and USDA are committed to expanding access to modern clean energy systems and fueling options that strengthen the nation’s energy independence while creating good-paying jobs and saving people money,” Deputy Secretary Torres Small said. “As we celebrate Earth Day this year, we are excited to partner with hundreds more family farms and small businesses to address the impacts of climate change, grow the economy and keep rural communities throughout the country strong and resilient.”
In all, USDA is providing $238 million in funding through the Rural Energy for America Program (REAP) and the Higher Blends Infrastructure Incentive Program (HBIIP).
Rural Clean Energy Production
Torres Small announced more than $194 million in loans and grants through REAP to support projects in 35 states and Puerto Rico.
The REAP program helps agricultural producers and rural small business owners expand their use of wind, solar, geothermal, and small hydropower energy and make energy efficiency improvements. These innovations help them increase their income, grow their businesses, address climate change and lower energy costs for American families.
USDA continues to accept REAP applications and will hold funding competitions quarterly through Sept. 30, 2024. The funding includes a dedicated portion for underutilized renewable energy technologies.
USDA Rural Development is the perfect partner because it provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements, business development, housing, community facilities such as schools, public safety and health care, and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/pr.
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