History
The Puerto Rico Green Energy Trust (PRGET) was created as a nonprofit organization by the Government of Puerto Rico in 2019 to foster and fund research, development and infrastructure projects that promote clean and renewable energy in Puerto Rico.
The Puerto Rico Energy Public Policy Act (Act 17 of 2019) set an ambitious course for Puerto Rico's energy future: a legally binding commitment to generate 100% of the island's electricity from renewable sources by 2050, retire coal-fired generation, and advance energy efficiency, distributed generation, and microgrids. Chapter 3 of that Act authorized the creation of PRGET to help carry this transition by mobilizing capital, deploying financing, educating customers, and building the market infrastructure needed to power a more resilient future.
PRGET is governed by its Deed of Declaration of Trust, the organization’s foundational legal document. The Deed defines its purpose and powers, establishes a seven-member Board of Trustees, and sets out its fiduciary responsibilities. Under the Deed, PRGET is charged with advancing the following objectives:
• Promote the growth of the industry of green energy producers.
• Encourage the use of green energy by energy consumers in Puerto Rico.
• Train and educate the public about green energy.
• Assist in product development and marketing.
• Support demonstrations, pilot projects, and other activities that increase the use and accessibility of green energy sources for consumers in Puerto Rico.
• Provide financing in support of the development and implementation of green energy technologies at all levels.
• Support the conservation and maximization of energy resources.
• Promote the ability of energy consumers to become energy “prosumers,” as defined in Act 17.
• Establish programs and financially support projects that provide access to green energy for low- and middle-income communities.
• Support municipal energy companies, solar communities, and microgrid networks in isolated and low- and middle-income communities.
• Facilitate the financing of green energy projects in small and medium-sized enterprises (SMEs) and micro-enterprises.
Act 17 of 2019 and the Deed work in tandem: the law states why PRGET exists, and the Deed governs how it operates on behalf of the island it was created to serve.