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Washington D.C., December 13, 2010—
IFC, a member of the World Bank Group, has arranged $30 million in long-term financing for Jamaica Public Service Company Limited to help the utility company reduce system losses and venture into renewable-energy generation, which will help Jamaica lower costs and the power sector’s reliance on imported fuels.
The 3-megawatt Munro wind farm and the 6.4-megawatt Maggotty hydropower plant will be among the first renewable energy sources in the country. They will replace part of the sector’s old and inefficient generation capacity and contribute to lowering greenhouse gas emissions. The three-year energy efficiency program targets a reduction in system–wide losses, saving fuel and curbing the need for new generation. The loss reduction programs will focus, among others, on areas with high levels of electricity theft. They will regularize household electrical wirings, install secure and reliable meters, and offer advice on energy conservation to help reduce monthly energy bills and avoid disconnections.
Damian Obligio, CEO of the Jamaica Public Service Company Limited, said, “We welcome the support of IFC in this project, which will bring the first wind farm to Jamaica in the last 25 years and demonstrate JPSCo’s leadership
in developing the country’s renewable energy potential. The renewal of our long-term partnership with IFC creates conditions for further cooperation between the two institutions in Jamaica’s power sector.”
IFC’s investment in JPSCo reflects an increased focus on energy efficiency programs and renewable-energy generation in the Caribbean region. This investment is expected to play an important role in addressing Jamaica’s energy challenges, improving competitiveness, and mitigating global climate change.
Gabriel Goldschmidt, IFC Manager for Latin America and the Caribbean said, “At IFC, we strongly believe in supporting an innovator such as JPSCO in its commitment to reduce system losses, improve inefficiencies and develop Jamaica’s renewable-energy potential as this has a real impact on people’s lives.”
IFC is actively supporting other private investors in Jamaica’s electricity sector. This week, IFC committed $80 million long-term financing to the sector for its own account and the account of participating banks in two projects, including JPSCo.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
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About Jamaica Public Service Company Limited
The Jamaica Public Service Company Limited is Jamaica’s sole vertically integrated utility company responsible for generation, purchase, transmission, and distribution of electricity. With more than 85 years in the market, the company has approximately 600,000 customers, operates 24 generating plants, 53 substations, and over 1,200 kilometers of transmission and distribution lines. For more information, visit
www.myjpsco.com
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