SIMO - Generac Wins $200M Grant From DOE for Solar Program | Benzinga
Generac Holdings Inc. (NYSE: GNRC) recently announced that it has been granted a hefty sum of up to $200 million, spanning over five years, by the U.S. Department of Energy ("DOE"). This grant belongs to the $1 billion Puerto Rico Energy Resilience Fund (PR-ERF).
Through the PR-ERF's Programa Acceso Solar (Solar Access Program), Generac will fuel the installation of residential solar and battery storage systems for underdeveloped Puerto Rican households, with installations commencing in August 2024.
By collaborating with its local project affiliates in Puerto Rico, the company aims to elevate the conditions in low-income areas suffering from frequent and extended power disruptions by supplying clean and resilient energy solutions. The program will also empower households with residents who have energy-dependent disabilities.
Furthermore, the initiative is likely to generate potential job opportunities in the clean energy field and simultaneously foster Puerto Rico's vision of achieving a 100% renewable energy target by 2050.
To support the program, Generac will tie up with multiple companies like PathStone. It is a nonprofit organization that has been rendering humanitarian services and developing the workforce in Puerto Rico for more than two decades now. Alongside the Interstate Renewable Energy Council, PathStone will coordinate additional ...