Tuesday 23 July, 2019

JPS finalises agreement for equipment, financing for new power plant

The Jamaica Public Service (JPS) has announced the finalisation of an agreement with General Electric (GE) for the manufacturing of equipment for its 190MW power plant, Project Renaissance.

JPS, through its subsidiary South Jamaica Power Company (SJPC), this week confirmed GE’s role as the Original Equipment Manufacturer (OEM) for the project, with the signing of the agreement, which secures the delivery schedule for all major equipment for the new plant.

“This is a significant milestone, which will allow us to move to the next stage of the project,” said JPS President & CEO, Kelly Tomblin.

“In addition to the agreement with GE, SJPC has also selected the engineering, procurement and construction (EPC) contractor, and secured all the financing for the new power plant project. Financing of approximately US$210 million has been secured through a syndicate of banks, led by the National Commercial Bank (NCB),” she disclosed.

With the financing, OEM and EPC contractor now in place, JPS is expecting to move forward with the project in the next 60 to 90 days.

“We expect that all the relevant permits will be in place and the loan financing documentation completed within the next two to three months, to facilitate the actual start of construction,” Tomblin said.

 

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