The principals of Azurest Cambridge Power are expected to inform the Office of Utilities Regulation (OUR) today if they will meet Thursday's deadline to pay over the one per cent security bond to construct the US$690-million 360-megawatt barge-mounted power plant.
Yesterday, a spokesperson for the consortium said things were "moving positively"; however, the spokesperson could not give an update on the status of the deal before speaking with the OUR.
On September 18, the consortium of five firms - Azurest Partners, Cambridge Project Development, Inergix Corp, Waller Marine, and Wartsila - was named the preferred bidder of the four companies which submitted proposals to supply half of Jamaica's energy needs to the national grid.
It was given 15 days to make the deposit to secure the contract and to provide evidence of its ability to execute the project.
COULD LOSE OPPORTUNITY
If Azurest Cambridge Power fails to post the US$6.9-million security bid, the OUR will offer the opportunity to the next-ranked entity, the Hong Kong-based Energy World International (EWI), which Contractor General Dirk Harrison had ruled should be excluded from the list of entities to be considered.
In the meantime, international company Mott MacDonald, which was hired by the OUR to evaluate the proposals, reported that none of the bidders achieved the minimum 75 per cent score in the category on its ability to finance the project, which they needed to qualify for selection.
According to Mott MacDonald, EWI submitted the most technically sound bid; however, the eventually preferred bidder, Azurest Cambridge Power, was the most economically advantageous of the proposals received.
Mott MacDonald said: "The rankings show that the best option is the Cambridge-Azurest LNG option, followed by EWI's options, and then, surprisingly, by the Cambridge-Azurest HFO option."SERIOUS CONCERNS
However, the consultant stated that while the natural gas-fired proposal from Azurest-Cambridge was the most economically advantageous of the proposals received, there were some serious concerns.
"EWI scores highest in the technical evaluation at 90 per cent, while Azurest-Cambridge are at 87.6 per cent. The remaining two bidders - Energise Jamaica (Seaboard) and Optimal - are level at approximately 76 per cent," said Mott MacDonald.
"Cambridge-Azurest has achieved a high score in technical evaluation but has failed to meet the required minimum 75 per cent score in the evaluation of 'Ability to Implement'."
"Further study of the financial strength of Cambridge-Azurest is, therefore, recommended," added the consultant.