National Commercial Bank Jamaica (NCB) was selected as lead arranger by Jamaica Public Service Company (JPS) and its subsidiary, South Jamaica Power Company Limited (SJPC), to structure financing for the 190 megawatt LNG power plant that will be operated as an independent power provider or IPP.
SJPC broke ground April 7 for the gas-fired plant being developed at Old Harbour in St Catherine.
The project, funded by syndicated loan and bonds, is valued at US$330 million, and is the product of a first-time partnership among local and regional financial institutions to fund a large-scale project, said the bank in a release.
When operational, the Old Harbour IPP will be the largest single contributor to Jamaica’s energy grid, contributing up to 20 per cent of the national power supply. The TSK Group has been contracted to construct the plant.
Published in the Jamaica Gleaner
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