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The two year initiative entails the implementation of "smart" equipment and licenses to monitor and stabilize electricity output that will be managed by Ecuacier, the local branch of regional energy integration committee CIER.
Puerto Rico governor Ricardo Rosselló Nevares announced that the island's government will not back company Energy Answers' waste to energy project in Arecibo.
"This project is no longer compatible with the goals and new reality of Puerto Rico which is why it will no longer be part of the transformation objectives of [power utility] AEE," Rosselló said in a statement.
He highlighted the impact from Hurricanes Irma and María, and Puerto Rico's fiscal situation and new energy cost reduction targets which required a reevaluation of the project which had been supported by past administrations.
Energy Answers did not immediately respond to a request for comment.
Rosselló and resident commissioner Jenniffer González also announced an allocation of US$16bn in federal funds for the recovery of the island after Hurricane Maria, US$2bn of which will be set aside to restore and improve the power grid.
The Caribbean Development Bank (CDB) and Belize's Development Finance Corporation (DFC) launched CDB's eighth consolidated line of credit to DFC.
The 40mn Belize dollar (US$20mn) credit line, guaranteed by Belize's government, will allow DFC to continue financing market segments that are not readily catered for by the commercial banks and other financial institutions, such as energy efficiency and renewable energy projects, the banks said in a joint statement.