Neoen, partners close financing on 51-MWp solar plan in Jamaica

Solar panels. Photo by: Neoen (www.neoen.com).

May 31 (Renewables Now) - Financing is in place for a 51-MWp solar photovoltaic (PV) project in Jamaica and commissioning of the plant, majority-owned by France’s Neoen, is scheduled for the first half of 2019.

French development finance institution Proparco and Dutch development bank FMO will extend a USD-64-million (EUR 54.7m) senior loan for the Paradise Park, MPC Capital AG (ETR:MPCK) said on Thursday. Through its MPC Caribbean Clean Energy Fund, the Germany-based real assets investment manager is a shareholder in the project, along with UK-based Rekamniar Frontier Ventures.

Construction of the solar farm has already been initiated, according to the press statement.

The project was selected in a tender launched by the Jamaican Office of Utilities Regulation (OUR). Once completed, the PV plant will operate under a 20-year power purchase agreement (PPA) with Jamaica Public Service Co Ltd, at a tariff of USD 85 per MWh.

(USD 1.0 = EUR 0.855)

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