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360MW PROJECT: Azurest's US$6.9m security bond due today

Published:Thursday | October 3, 2013 | 8:32 AM

Today is the deadline for Azurest Cambrige Power, the preferred bidder for the 360 megawatt project, to pay over the one per cent security bond to construct the US$690-million plant.



Azurest was named the preferred bidder on September 18 and was given 15 days to submit the bond totaling US$6.9 million.



The company has already expressed confidence it will be able to finance the project as it has received commitments from the International Finance Corporation, Inter-American Development Bank, Royal Bank of Canada, and other global lenders, as well as Jamaica-based partners.



Azurest has promised to cut electricity costs by half by 2015 should it be selected.



The company has also promised to invest US$1.5 million towards scholarships and international training for persons in various sectors and towards city beautification.



The Private Sector Organisation of Jamaica has already called for Azurest to be disqualified from the tender process for the 360 megawatt project if it does not come up with the bid bond by today.



If Azurest is disqualified, Energy World International would be next in line.



However, the Contractor General has recommended that the company be excluded from the process as the energy minister, Phillip Paulwell, had acted improperly when he accepted its proposal after the deadline set by the OUR.



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