IFC supports renewable energy in Jamaica with USD 30m

(ADPnews) - Dec 20, 2010 - IFC, a member of the World Bank Group, has arranged USD 30 million (EUR 23m) in long-term financing for Jamaica Public Service Company (JPSCo) to help the utility company reduce system losses and venture into renewable-energy generation.

The funds will support the development of the 3-MW Munro wind farm and the 6.4-MW Maggotty hydropower plant, which will replace part of the sector’s old and inefficient generation capacity. A three-year energy efficiency programme targets a reduction in system–wide losses.

IFC’s investment in JPSCo reflects an increased focus on energy efficiency programmes and renewable-energy generation in the Caribbean region. Last week, IFC also arranged a USD 100 million financing package to West Kingston Power Partners to ensure greater efficiency in electricity generation in Jamaica.

(USD 1.0 = EUR 0.76)

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