Investment Opportunities in the Caribbean - 2024

SUSTAINABLE DEVELOPMENT | JAMAICA

JAMAICA

NAME OF PROJECT:

NET 100 MW OF THE ELECTRICITY GENERATION FROM RENEWABLE ENERGY BASED POWER GENERATION FACILITIES ON A BUILD, OWN AND OPERATE (BOO) BASIS

In May 2023, GPE, which is mandated by the Government of Jamaica to develop and implement the process for the procurement of new generating capacity, published a call for expressions of interest in providing 100MW of energy generation from renewable sources. This action by the GPE signaled that investors should prepare themselves for this opportunity.

The Integrated Resource Plan (IRP), as published by the Ministry of Science, Energy and Technology (MSET), encapsulates the country’s long-term vision for the electricity sector during the 2021 – 2040 horizon. The IRP identifies priority investments in generation and the expansion of the grid. (The IRP can be viewed on www.mset.gov.jm.) Jamaica has numerous options for the generation of power, prioritizing new renewable resources in the current process. The generation mix selected for the IRP’s horizon focuses on the following priorities: decarbonization, resilience and reduction in the price of electricity. Further to the objectives and mandates in the IRP, the Government of Jamaica (GOj) has announced its revised goal of the renewable energy generation to 50% by 2030. The GPE anticipates that mobilization of significant amounts of public and private investments will be required to allow for the timely commissioning of the targeted additional capacity.

MODE OF INVESTMENT: Equity investment or joint venture INVESTMENT AMOUNT (USD) To be determined

CONTACT PERSON: Mr. Norman Naar | E: nnaar@dobusinessjamaica.com

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