In Jamaica, 93% of the electricity produced depended on oil-based fuels imports. Renewable energies are currently representing 7% of the island’s energy mix but the ultimate aim is to bring the share of renewables in the mix up to 20% by 2030. In the light of Jamaica’s ambitious goals, the Paradise Park project is a critical addition to the Jamaican energy mix.
Grégory Clemente, CEO of Proparco, said: Proparco is extremely proud to be supporting a project critical to the diversity of Jamaica’s energy mix by reducing its dependency on fuel. This project showcases Proparco’s desire to help countries like Jamaica meet their development objectives in a sustainable manner. Given the importance of timely execution to respond to the immediate energy needs of the country, we opted for a simple and robust financing structure. Efficient execution would not have been possible without leveraging on the strong relationship with the sponsors and the commitment of the Jamaican authorities.
The Paradise Park solar PV plant will deliver to Jamaica Public Service Company the cheapest energy currently available in Jamaica and will help avoid the emission of 110 000 tons of CO2 per year.
The project, majority owned by Neoen, will be commissioned in the first half of 2019.
Read the press release Neoen, Rekamniar Frontier Ventures, MPC Caribbean Clean Energy Fund, FMO and Proparco.