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JPS to spend $50b on Old Harbour plant


POWER utility, Jamaica Public Service Company Limited (JPS) has announced that its planned 190-megawatt plant at Old Harbour will cost $50 billion financed through a mix of debt and equity.

The company aims to start construction this year with completion set for the fourth quarter of 2017.

“We are very excited about this project. It will cost north of $50 billion and it will require a lot of work for me to do to raise the amount,” stated Dan Theoc, chief financial officer at JPS in his presentation at a media briefing on Friday at the JPS head office in Kingston.

JPS last week received formal approval from the Jamaican Government for its proposal to proceed with the construction of the new plant to replace its existing units at the Old Harbour power station.

Published in the Observer
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