Technology Minister Phillip Paulwell has announced that starting this week investors in renewable energy projects will be able to bid for up to 115 mega watts of
Technology Minister Phillip Paulwell has announced that starting this week investors in renewable energy projects will be able to bid for up to 115 mega watts of
INVESTORS wanting to build out renewable energy capacity in the latest round of investments in Jamaica will have to do so by early 2015.
Up to 115 megawatts (MW) are up for grabs.
|
|
Those who are interested to make bids will have to declare that to the Office of Utilities Regulations (OUR) by December 21.
But the request for proposal documents has set tariff caps, which could make investments in certain types of renewables lucrative, but could also mean higher electricity prices to consumers.
What’s more, even with the seemingly fast pace at which the regulator is pushing for renewables to come online
INVESTORS wanting to build out renewable energy capacity in the latest round of investments in Jamaica will have to do so by early 2015.
Up to 115 megawatts (MW) are up for grabs.
|
|
Those who are interested to make bids will have to declare that to the Office of Utilities Regulations (OUR) by December 21.
But the request for proposal documents has set tariff caps, which could make investments in certain types of renewables lucrative, but could also mean higher electricity prices to consumers.
What’s more, even with the seemingly fast pace at which the regulator is pushing for renewables to come online
KINGSTON, Jamaica –
KINGSTON, Jamaica –
NationGrowth Micro-Finance Limited is offering Jamaicans special financing arrangements for the purchase of alternative energy systems and equipment. This will dramatically reduce the cost of electricity bills for consumers within the medium term, with monthly loan repayments being lessened relative to client’s average current electricity bill. The loan period extends for a maximum of five years and effectively generates free electricity for many years with the installation of a full system.
According to chief executive officer of NationGrowth, Kim Edwards-Hamilton, “Energy conservation is a critical component in assisting every householder and business in realising a saving in the current and future cost of electricity. We have packaged a renewable energy loan offer for clients that will increase the use of alternative energy sources and promote energy conservation.”
She said further that, “loans can be accessed to accommodate energy conservation projects, for example conversion to LED fixtures and energy-efficient appliances and the purchase of solar water heaters, solar power systems (photovoltaics), biodigesters and wind turbines.”
Loans are offered at a maximum of J$2 million, subject to clients meeting the necessary requirements. Interest rates are at eight per cent per annum and the borrowing period goes up to five years, including a three-month moratorium on the principal.
benefit of solar system
Following the passage of Hurricane Sandy, IREE Solar, a renewable energy provider, through its managing director, Alexander Hill, pointed out that, “having a solar power system during and after a storm is a huge benefit when the public electricity grid is down”. He stated that, “IREE Solar offers both off-grid and hybrid solar power solutions that allow the owner to generate their own power from the sun during the days and use that power immediately or during the night.”
NationGrowth commenced operations in December 2007. The company was founded by former banker Aubyn Hill. The company aims to be the leading micro-finance company over the long term by extending effectual financial and related services to micro-entrepreneurs, individuals and businesses in the small and medium enterprise sector, by providing fast turnaround decisions on workingcapital assistance and responsive customer service at a profit.
Read more:
The European Union is funding a multi-million dollar energy service company (ESCO) project aimed at conserving electricity use across the island.
Executive Director of the Jamaica Productivity Centre, Dr Charles Douglas, said the 36-month J$65 million initiative could increase productivity and help create jobs as well as advance economic growth.
“We expect that the project will also do a number of other things. It will introduce new business modules, in terms of energy efficiency activities. It will also increase dialogue, trust, and confidence among the Jamaican populous,” he said.
He said the ESCO project has several components, including building public awareness, conducting training workshops, audits, and measurement and verification to determine the possible savings of the plan.
“With this project, the centre hopes to have an increase in energy effectiveness, as a result of the measures to be implemented. We expect to have an increase in the number of renewable and energy efficiency projects islandwide, to reduce high costs,” he said.
Douglas said that ECSO projects are common worldwide and tends to be very successful in countries where energy prices are extremely high, such as Latin America and the Caribbean.
He said that Jamaica, in comparison to other Caribbean countries, has one of the highest energy prices, both for electricity and gasolene, hence the reason for introducing the cost-effective initiative.
“At the end of the day, we want to see a reduction in the oil import bill, which obviously will help to reduce the foreign expenditure and imported oil, which the country is currently faced with,” he said.
Douglas added that unlike Jamaica, some countries receive energy subsidies, both for gasolene and electricity, but “our market is totally liberalised, in that we have no subsidy on electricity or gasolene, so we have to find ways to reduce these high costs”.
Both sectors to benefit
He said that the ESCO project aims to achieve this, and notes that if consumers conform to the practices of the project, then it will be a success and that both the private and public sectors would benefit in the future.
“We expect substantial benefits from this initiative to both small and medium enterprises islandwide. We are anticipating significant savings in the public sector, stemming from ECSO energy savings activities,” he added.
“There will be indicators to identify if the project has achieved success. We will be looking at schools islandwide as a possible indicator, while we conduct our evaluation to measure the achievements of the project.
“When the project concludes, we would like to have in place measures that will allow it to be sustainable. We are building the capacity of the project by getting the schools involved. From this, the hope is to sensitise children, so that they can go home, and encourage their parents to adopt energy efficiency practices” he said.
– CMC
Read more:
Avia Collinder,