Jamaica seeking investments to supply five-year energy needs
Minister of Science, Energy and Technology, Fayval Williams, says Jamaica is ready to move to the next phase of investment plans to supply the country’s first five years of energy needs under the recently completed Integrated Resource Plan (IRP).
This comprises 320 megawatts (MW) of wind and solar; 120 MWs of liquefied natural gas (LNG); and 74 MW of hydro, waste to energy and/or biomass.
The IRP sets out Jamaica’s 20-year plan for the electricity generation sector.
“It takes into consideration our outlook on economic growth and development and the demand for energy over that period of time. Recently, we took to Cabinet the first five years of that 20-year [plan] in terms of the need for additional capacity, and that was approved,” she noted.
Williams was speaking on Thursday at a webinar titled ‘Jamaica: Scaling up Investments in Clean Energy’ hosted by the Jamaica Promotions Corporation (JAMPRO) in partnership with New Energy Events.
She told the potential investors in attendance that the procurement process to acquire the additional generating capacity will be “open and transparent” and will be managed by a board that recently got a new chairman.
“It has a secretariat and they are in the process of getting the technical assistance that will allow them to develop the specs or the request for proposal (RFP) and begin that process of going to market,” she noted
“It will be very transparent. There is very low political risk as well, meaning that contracts that are signed as a result of this process will be long-term contracts that will survive different administrations. Jamaica has a reputation of honouring contracts, so there should be absolutely no questions with regard [to] that whatsoever,” Williams noted.
She said that Jamaica is committed to generating half of its energy supply from renewables by 2037, with an overall target of 1,664 MWs.
- JIS News
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