UPDATED: Preferred bidder selected for renewable energy project
The Office of Utilities Regulation (OUR) has selected a preferred bidder for a 33.1 megawatts renewable energy project at what is being touted as the lowest cost for solar power in Jamaica.
In a release last night the OUR identified the successful bidder as Eight Rivers Energy Company Limited.
The company is expected to build own and operate a 33.1 megawatt solar photovoltaic (PV) power generation facility at Paradise Park, Westmoreland.
The OUR says the proposed price at which the company will provide energy to the national grid is 8.54US cents per kilowatt hour.
Energy Minister Dr Andrew Wheatley notes that the project executed by the OUR marks the lowest cost ever for solar power in Jamaica.
He says it advances the Government’s major policy objective of diversification of Jamaica’s energy supply mix to reduce cost and dependence on imported oil.
Meanwhile, Director General of the OUR, Albert Gordon, says the proposed all-in tariff has set the pricing bar for future renewable projects.
The bid was received under the OUR’s project to secure 37 megawatts of energy.
The OUR says it received 19 bids of which Eight Rivers Energy was the highest ranked bidder.
It says the next step is for the company to finalise the various project agreements.
If they fail to do this the OUR will move to the bidder next in line.
The OUR says a number of financial institutions have expressed interest in providing debt financing for the project and have issued their letters of support.
Correction: This article has been update to reflect the correct proposed price at which the successful bidder will provide energy to the national grid.