InterEnergy buys Paradise solar park for US$18m
Published:Friday | May 2, 2025 | 12:13 AM
InterEnergy Group has bought Jamaica’s largest solar farm, Paradise Park, from Eight Rivers Energy Company, marking its second renewable energy purchase in Jamaica in less than four months.
It now owns 100 per cent of the asset.
Paradise Park was commissioned in 2019 and was formerly held by three shareholders: NEOEN, a French renewable energy firm which held the largest block; MPC Caribbean Clean Energy Limited; and Eight Rivers Energy Company Limited, led by Jamaican Angella Rainford, who convened the project.
Country Manager for InterEnergy Jamaica, Dr Wayne McKenzie, said the company paid US$18 million for full ownership of the asset.
Paradise Park was developed at a cost of US$64 million, with financing from French development bank PROPARCO and Dutch development bank FMO.
Prior to the sale, MPC Caribbean, a publicly traded company on the Jamaica and Trinidad stock exchanges, had put the value of its stake in Paradise at about US$5.9 million. The energy investment company held around 35 per cent of the solar park through EREC Investment Limited, which in turn held shares in Eight Rivers Energy Company Limited.
InterEnergy’s total renewable energy capacity in Jamaica now exceeds 85MW, the company said. That includes the 50MW Paradise Park facility in Westmoreland, which sits at the western tip of Jamaica, as well as the BMR 36MW wind farm in the neighbouring parish of St Elizabeth, which InterEnergy took over when it acquired BMR’s regional portfolio in January.
InterEnergy also holds other assets in Jamaica, totalling 250MW of capacity, through Jamaica Energy Partners, Jamaica Private Power Company and West Kingston Power Company according to its website. Those three facilities “supply approximately 40 per cent of the energy requirements” of Jamaica’s national electricity grid, the company says on its website.
All three, as well as the two renewable energy operations, supply the power they generate to grid operator Jamaica Public Service Company under contract.