Sun | Mar 24, 2019

IFC willing to back LNG investor

Published:Friday | May 9, 2014 | 12:00 AM

The International Finance Corporation (IFC), the World Bank arm that deals with private-sector financing, confirmed on Wednesday that it has made tentative offers of financing to companies among the remaining bidders for the baseload LNG project.

The IFC indicated, however, that any such support will come only at the end of a due diligence process and would also depend on the granting of the licence.

Jamaica first attempted to craft a deal with Azurest-Cambridge, which fell through. Second-ranked bidder Energy World International was granted a licence in April, but failed to meet the deadline for the payment of its performance bond.

The company was also turned down by the Inter-American Development Bank for financing for the project, with the agency citing concerns with the bidding process.

On Monday, May 5, Cabinet asked Minister of Energy Phillip Paulwell to consult with the Office of Utilities Regulation (OUR) on the matter of the withdrawal of the licence for the construction of the 381MW plant from Energy World International Limited.

A spokesperson at the OUR said on Thursday that the agency was awaiting word from Minister Paulwell.

"We await that consultation before making any comment. We just have to wait until we get further and better particulars. I don't want to comment on it one way or the other."

avia.collinder@gleanerjm.com