OUR to begin meeting with 360 megawatt project bidders on Friday
The Office of Utilities Regulation (OUR) said it has advised Cabinet that it will review no more unsolicited offers in relation to the 360 megawatt project.
The OUR also says it will begin meetings with the shortlisted entities on Friday.
Three local and a foreign entity are in the running to take on the project.
In a statement today, the OUR said it is now in the process of advising all relevant parties of the formal process it is adopting to select any final offer.
In his contribution to the Budget Debate on April 24, Energy Minister Phillip Paulwell had indicated that the OUR would be given 30 days within which to make a recommendation to the Government on the 360 megawatt project.
That deadline would have expired on Friday.
One of the local bidders on the project has stated that it has already mobilised equity investors, to support its bid for the 360 megawatt project.
Tank-Weld Group and Armorview Holdings have entered a joint venture, to build two Wartsila Flexicycle tri-fuelled plants to meet the power generation requirement.
It says Wartsila, which is a global company specialising in complete lifecycle power solutions for the energy and marine markets and a Jamaican investment group are slated to put up project equity in excess of US$60 million.
The joint venture company says it is confident that the project will yield significant benefits including low cost of energy, job creation and improvement in the balance of payments.
The company says about 3,000 jobs will be created at the peak of the construction period slated to run from 18-24 months.
Another of the bidders, the Jamaica Public Service Company Limited (JPS) has also said it is confident that combined cycle technology is of far greater benefit to the country than other options being considered.
The JPS has submitted three proposals for consideration by the OUR, which include the use of combined cycle technology and a combination of fuel sources.
The Government is seeking to expand the supply of energy for the national grid with an emphasis on adding more renewable sources of fuel.
FOR MORE STORIES WATCH: