The Board gives a conditional green light to contracts for 11 solar farms

On July 3, 2026, NotiCel reports that the Financial Oversight Board approved, though with conditions, 11 contracts to make possible the same number of solar-energy projects. The body notified the Puerto Rico Electric Power Authority that the agreements comply with the principle of promoting competition and are not inconsistent with PREPA's fiscal plan. The authorization, the Board clarifies according to the outlet, does not mean it has evaluated compliance with local and federal laws, rules, and regulations, nor that it has done an exhaustive examination of the companies' background.

The companies named are Aguirre Solar Farm, LLC; Caracol Solar Farm, LLC; Esmeralda Solar Farm, LLC; Santa Isabel Solar Farm, LLC; Guayama Solar Farm, LLC; Juana Díaz Solar Farm, LLC; La Tuna Solar Farm, LLC; Naguabo Solar Farm, LLC; Sabana Grande Solar Farm, LLC; Salinas Solar Farm, LLC; and Sierra Solar Farm. The Board indicates that PREPA and the Energy Bureau have to administer the portfolio and apply the price adjustments so that the average of the entire portfolio sits at $157 per megawatt. In a letter signed by Jaime El Koury, counsel to the Board, it is said that the evaluation was accelerated because of the energy crisis and to preserve certain federal tax credits that are about to expire. Eight of the eleven projects, it notes, exceed the contemplated costs and "several" surpass the cost of comparable projects.

Aguirre Solar Farm would cost $399.6 million and generate 34 megawatts, or $166 per megawatt. Caracol Solar Farm, in Moca, would generate 25 megawatts at $158 per megawatt, with a total cost of $264.9 million. The largest project is La Tuna Solar Farm: 100 megawatts and no more than $840.6 million. All would have a 25-year power-purchase agreement. Any amendment, the Board says, would have to go through its evaluation. NotiCel does not publish in the text this magazine opens the breakdown of the other eight. The three examples and the $157-per-megawatt ceiling stand.

This green light is not PREPA's lawsuit against New Fostress Energía LLC for $55 million that Sin Comillas covered on July 1, nor the GAO report of the same July 3 on the 25 percent disbursed of the electric reconstruction. Three energy threads. On July 23, El Nuevo Día reported that the Board asked to pause contracting of new permanent generation. That pause is later. Here the fact is the conditional approval of the 11 farms. The reader who wants Jaime El Koury's letter has the NotiCel URL at the foot.

Source: NotiCel. https://noticel.com/ultima-hora/20260703/la-junta-da-la-luz-verde-a-contratos-para-la-construccion-de-11-fincas-solares/