Jamaica Renewable Energy

Jamaica Eyes $300 Million In Renewable Energy Investment

written by saurabh

Jamaica is looking to mobilise substantial investment into its renewable energy sector has is recognises the global movement towards a low-carbon economy.

Media reports quoting Jamaica’s Minister of Economic Growth and Job Creation Daryl Vaz stated that the Jamaican government is looking to attract $300 million in renewable energy investment in the near-term. The government is planning to develop frameworks to facilitate renewable energy projects across several sectors of the economy.

These frameworks and projects shall be developed in such a manner that they conform with the financing provisions and guidelines of the Green Climate Fund. If the Jamaican government could receive project funding from the Green Climate Fund it would be a substantial help towards the country’s aim to meet 20% of its energy demand from clean energy sources by 2030.

Jamaica has seen renewable energy growth at a rather slower pace. It has very few large-scale solar power projects and the net-metering policy was implemented not very long ago.

A 20 megawatt solar power project was commissioned by Florida-based WRB Enterprises last year. The project was allocated through a competitive auction involving more than 20 international companies. The project received $62 million funding from Overseas Private Investment Corporation (OPIC) and the U.S. Government’s Development Finance Institution.

Last year, the Ministry for Science, Energy, and Technology had stated that 150 megawatts of renewable energy capacity would be auctioned. The status of this auction remains unknown.

Another solar power project of 33 megawatts was allocated to Eight Rivers Energy. The project will sell electricity at 8.5¢/kWh when it starts operations next year.

05/08/2017 0 comment

Articles Renewable Energy

Jamaica To Allocate 150 MW Renewable Energy Capacity This Year

written by saurabh

This year Jamaica will take a major step towards adding a significant amount of capacity to its power generation mix.

The Jamaican Minister for Science, Energy and Technology recently told the country’s legislature that the government shall allocate 150 MW of renewable energy capacity this year. The minister did not give a technology-wise breakup of the entire capacity but did mention that 50 MW capacity will be based on waste-to-energy technology. Request for proposals for setting up these projects will be issued by the government in due course of time.

The minister also briefed the legislature about some of the renewable energy project currently being developed.

Earlier this year, Eight Rivers Energy was selected to develop a 33 MW solar PV project with tariff of US8.5/kWh. The government is looking to finalise the license for the project and sign power purchase agreement. Construction on the project is expected to begin in 2016/17 while the project is expected to start supply electricity from 2018.

A 20 MW solar PV project is also under development at Clarendon. The project secured $47 million in debt financing under the US Government’s Caribbean Energy Security Initiative. The project is owned by Content Solar, and Florida-based WRB Enterprises is currently developing the project.

With a 36 MW wind energy project also being developed, a total of 113 MW renewable energy capacity is either commissioned or under development in Jamaica.

According to the Jamaica National Energy Policy 2009-2030, the country is looking to significantly increase investments in renewable energy technologies. The country has targeted at least 20% contribution towards the energy mix from renewable energy sources by 2030.

As part of the policy, the government plans to offer several incentives to the renewable energy sector. The long-term policy includes specific incentives for wind, solar, co-generation, biomass, and biofuels sector. The government also plans to take several measures to boost energy efficiency and conservation in the building, residential, and commercial sectors.

06/27/2016 0 comment