Puerto Rico Energy Capital Access Program (PRECAP)
October 8, 2019, San Juan, Puerto Rico
The Borincana Foundation announced today that it is initiating the Puerto Rico Energy Capital Access Program (PRECAP) assisting businesses, nonprofits, and municipalities prepare for and gain access to capital to realize their energy infrastructure investment plans.
The Foundation has been successful in securing a Rural Business Development Grant from the USDA for PRECAP. This is the largest grant made by the USDA under this program EVER for Puerto Rico and shows tremendous confidence in the Foundation and the Program.
PRECAP will run over the course of 12 months through 2020 and work with 15 businesses/non-profits/municipalities on their energy projects over two cohorts. Each cohort member will receive individual as well as group training and support and by the end of the cohort term we expect each will have updated business and project plans, detailed financial projections, a feasibility study, and clear direction on access to capital. We will be hiring and training talented local individuals as well as bringing world-class instructors to the island to share their experience. While the ultimate goal of the program is to access and unlock capital for energy infrastructure, immediate benefits are to be found in the process and the transfer of knowledge to Puerto Rico - and about Puerto Rico opportunities to the rest of the world.
Program Rationale: According to the census bureau median household income in Puerto Rico is $19,775 as compared to roughly $60,000 nation-wide in the United States. The poverty rate is 44.9%, the population has shrunk more than 14% since 2010, the state and its institutions are in bankruptcy, and Puerto Rico suffered more than $100 Billion of damage to infrastructure, property, and business from Hurricane Maria two years ago.
Apply to Join a Cohort
Criteria to Qualify as a Program Cohort Member
Puerto Rico has a unique opportunity to be a global leader in the production of energy through renewable yet physically strong assets that empower diverse industries and communities across the island. It’s recovery plans and new energy policy law promote creating resiliency by moving towards a clean, distributed energy system with local, renewable resources at its center. It also aims to empower businesses and communities with stronger policies on net metering and interconnection of solar, storage and microgrid projects - plans that encourage local participation in energy security and the development of new resilient local infrastructure that can create wealth, reverse decline, and begin to raise people out of poverty.
Puerto Rico has chronically under-developed markets,
individual skills, institutional capacities, and pathways for
capital. Even with vast potential, this presents an
unattractive picture to investors and lenders. The
requirements of capital providers are alien to Puerto Rican
companies, municipalities and non-profits who have no
experience with being able to successfully satisfy them.
Local businesses and communities cannot meet the norms to unlock the capital required
to finance new energy infrastructure. The need for financial training and technical assistance to help Puerto Rico unlock capital for infrastructure is clear.
Program operations are ramping up and we will be accepting applications for our first cohort before the end of 2019. For more information contact us at email@example.com.