EcoEléctrica History
In 1993, the Government of Puerto Rico instituted a new energy policy that proposed to diversify fuels used for power generation; increase the Puerto Rico Electric Power Authority (PREPA) system's capacity and allow private sector participation in the design, construction and operation of two new plants.
The 1993 Energy Policy acknowledged the island's high dependency on oil, which at the time was 99%, and the high environmental cost that this caused. The new policy sought to diversify fuel sources for power generation in order to reduce the volatility of oil prices and overall power generation costs and introduced environmental criteria for the selection of new power plants.
After evaluating more than 11 projects, PREPA chose two, a natural gas based power plant and a coal based power plant. Both private generators would contribute 950 MW, or approximately 20% of the installed capacity.
EcoEléctrica was the first power producer to obtain all its permits and commenced commercial operations on March 21, 2000. It then became the first independent power producer in the world to integrate a power plant with a liquefied natural gas terminal. EcoEléctrica sells its capacity and associated energy to PREPA under a 22-year power purchase agreement. Today, it produces 13% of the electricity generated in Puerto Rico .
EcoEléctrica paved the way for a new energy era in Puerto Rico when it began operations in 2000. With a $700 million investment made by its two stockholders and financing provided by a consortium of 26 international and local banks, EcoEléctrica was able to break Puerto Rico 's dependency on imported oil. It lowered the island's dependency from 99 % to 86% at the time.
During construction it instituted a policy of hiring labor from the area, helping to create more than 1,000 direct and indirect jobs during its two year construction phase. Today, of its 78 employees, 82% percent are from surrounding communities.