Electricity Sector Enterprise Team writes to JPS authorising gas supply agreement
The Electricity Sector Enterprise Team (ESET) has written to the Jamaica Public Service (JPS) Company authorising their negotiations of a gas supply agreement with New Fortress Energy to build, own and operate a Liquefied Natural Gas (LNG) terminal in Jamaica.
Chairman of ESET, Dr Vin Lawrence, made the announcement at a post-Cabinet press briefing this morning.
He said New Fortress won the contract over five other entities as it had the lowest evaluated price for the volumes required by the JPS.
Lawrence said New Fortress will spend more than $200 million to construct a gas terminal to facilitate more than 200,000 tonnes of LNG per year.
Lawrence says the power plant is expected to be completed for commissioning by 2017/2018.
According to its website, New Fortress Energy provides energy, logistical services, financing and capital investment to end users worldwide seeking to convert their operating assets from diesel or heavy fuel oil to natural gas.
The company says New Fortress Energy is sponsored by Fortress Investment Group LLC.
It says it has US$72 billion in assets as of June 30 this year.
New Fortress this year signed an agreement with the JPS to supply gas at its Bogue power plant in Montego Bay.