DBJ Archives - SolarBuzz Jamaica

Parade Gardens social project gets $7-m DBJ support

June 19, 2015 Webmaster

A $21.5 million social intervention project, the ‘Empowering Parade Gardens, Kingston, Through Renewable Energy Skills Training’, has benefited from an input of approximately $7 million from the Development Bank of Jamaica (DBJ).

The DBJ and Jamaica’s Environmental Health Foundation (EHF) — the implementing agency — have signed a memorandum of understanding (MoU), under which the bank will make the contribution to the project aimed at empowering the downtown Kingston community, which includes volatile areas such as Southside and Tel-a-Viv in Kingston Central.

“The deal will ensure that the skill sets of 90 residents of Parade Gardens are developed by means of behavioural change workshops and certified skills training in renewable technologies, food preparation, as well as driving lessons to secure driver’s licences and employment opportunities,” EHF CEO Novlet Deans told the MoU signing ceremony on June 4.

She said that the project will also include outfitting the Parade Gardens Community Centre with a 10KW solar power system and LED lighting, along with 35 households in the community being outfitted with LED lighting.

The EHF was invited to implement the project by the Planning Institute of Jamica (PIOJ), which is the implementing agency for the government’s Community Renewal Programme.

Managing Director of the DBJ Milverton Reynolds said that the aim is to empower residents to improve their circumstances and contribute to the country’s development.

“We believe there is bound to be a positive developmental impact from this intervention. At the end of this one-year programme, the young people will have skills which will be certified by HEART Trust/NTA,” he said.

Reynolds also noted that with the new skills and certifications, residents of the community “will become socially responsible citizens, participating fully in the life of the country and contributing their fair share of the taxes that help to improve the roads, education and health care”.

Vice-president, Parade Gardens Community Centre, Shaka Payne, also welcomed the intervention and said that equipping the community centre with energy-efficient technologies will lower the energy bill by at least 70 per cent.

“This will also aid in keeping us off an overwhelming statistic of community centres across Jamaica that have closed down because of inability to pay utility bills and maintenance,” he said.

The project aims to build the community’s capacity for climate change mitigation, as well as complement climate change adaptation strategies and improve the residents’ employability.

The project will also provide certified skills training to 30 residents of the community, with specific focus on youth. Of the 30, 10 will be trained in renewable energy technologies, focusing on solar PV system installation, operation and maintenance; 10 in food preparation, levels 1 and 2 (an already established livelihood in the community); and 10 are to receive driving lessons toward securing a general driver’s licence, which is a prerequisite for many employment opportunities.

The renewable energy training will be done in collaboration with the Caribbean Maritime Institute, while the food preparation training will be conducted by HEART Trust/NTA. Additionally, behaviour change workshops and training sessions (non-certified) will be held with the wider community on renewable energy, energy efficiency, career development and entrepreneurship.

The project will facilitate the formulation of strategic partnerships with public and private sector agencies to ensure the success of the programme.

The organisations forming the Project Steering Committee are the Parade Gardens Community Development Committee (programme coordinators on this project), Caribbean Maritime Institute, Planning Institute of Jamaica, HEART Trust/NTA, Citizens Security & Justice Programme (CSJP), Social Development Commission and EHF.

Last year residents of Parade Gardens benefited from a new $39-million community centre, construction of which was spearheaded by Jamaica Social Investment Fund , with support from the European Union under its Poverty Reduction Programme.

The centre boasts a computer laboratory, designated classroom area, meeting room, kitchen, and sanitary facilities. The CSJP provided furniture costing $800,000.

Alternative Energy Jobs News

Minister Urges SMEs To Take Advantage Of Energy Loan Facility

October 16, 2012 Webmaster

Minister of Science, Technology, Energy and Mining (STEM), Hon. Phillip Paulwell

Minister of Science, Technology, Energy and Mining (STEM), Hon. Phillip Paulwell, is urging small and medium sized enterprises to take advantage of the energy management loan facility being offered by the Development Bank of Jamaica (DBJ).

The DBJ/PetroCaribe (SMEs) Energy Fund allows SMEs to access loans of up to $30 million at a rate of 7.5 per cent to retrofit their operations to accommodate energy efficiency, energy conservation and alternative energy sources.

Under the programme, business operators across all sectors of the economy are encouraged to refurbish their facilities with renewable energy solutions, such assolar water heaters and solar panels, in an effort to effectively manage and conserve energy in their day-to-day operations.

However, speaking at the DBJ

News

Reduce energy costs, improve business efficiency

July 12, 2012 jrobinson

Businesses which undertake energy management and implement energy audits often enjoy annual savings on energy bills of up to 12 per cent, says the head of a local consultancy.

Yvette Batts, managing director of BCI Solutions, said an energy audit is an assessment of the usage at a facility, including an analysis of cost effective efficiency opportunities to reduce usage, bills and greenhouse emissions. She was speaking at the latest Wednesday Morning Seminar hosted by Myers, Fletcher & Gordon (MF&G) and the Jamaica Chamber of Commerce (JCC), which joined forces with the Development Bank of Jamaica (DBJ) and BCI in presenting the theme “Reducing Your Energy Costs While Improving Your Business Efficiency“.

Energy Audits are done at three levels: walk through, comprehensive and investment grade. The audit level is defined by the energy user, taking into account specific issues to be addressed, complexity of site, and the total budget available, said Batts.

She advised that energy audits and energy saving opportunities are best implemented in the context of an Energy Management Program (EMP) which should be in place before any audit is undertaken. An EMP should include a management structure with a formally appointed energy manager, the involvement of all staff in the programme, an energy management policy, and a system for monitoring energy bills.

While overall savings from energy saving programme may be rewarding, implementation can be costly.

The DBJ by its mandate to facilitate and promote economic growth has been providing loan financing through its network of approved financial Institutions, for projects in areas such as Tourism, Services and Agriculture among others.

Edison Galbraith, DBJ’s general manager, Loan Origination and Portfolio Management, said the institution provides loan financing for large projects in strategic sectors such as Renewable Energy through co-financing and direct lending. The DBJ’s also promotes and finances investments in energy conservation, energy efficiency and renewable energy technology at a rate of eight per cent to 9.5 per cent for up to 10 years. Additionally, assistance for energy audits is available, with funding to offset $200,000 of the cost of the audit. The institution also plays an active role in promoting energy conservation by facilitating public education, workshops and training. Notably DBJ has partnered with the Inter-American Development Bank to secure US$807,000 funding to promote energy efficiency/conservation in the SME Sector. To date DBJ has approved over $330M in energy loans to 20 projects.

Energy Audit Explained

July 12, 2012 jrobinson

Energy Audit Explained
July 10, 2012
Yvette Batts

What exactly is an Energy Audit? Why do I need one? How much does it
cost? Unfortunately many think an Energy Audit is another piece of
expensive paperwork required to access low interest energy loans. An
Energy Audit is and can be much more.

An Energy Audit is an assessment of the energy usage at a facility. It
includes an analysis of cost-effective opportunities to reduce energy
usage, energy bills and greenhouse gas emissions. It can actually add
immediate value to an organisation by identifying simple no-cost and low
cost measures for energy conservation (EC) and cost reduction. These
include Energy Management practices, tariffs, operations improvement,
and culture. Our experience is that EC can result in as much as 12%
savings, sometimes more. As such EC measures may provide immediate
payback for the cost of the energy audit.

The Energy Audit can also go on to identify additional energy efficiency
(EE) measures that require investments, such as equipment retrofits,
upgrades, re-tooling and process improvement to further reduce
consumption. Investments can also include renewable energy (RE)
solutions, appropriately sized for the reduced energy footprint
resulting from energy conservation and energy efficiency. The result is
a package of energy saving measures that meet the financial criteria for
investment as specified by the customer and that can form the basis of
an Energy Strategy and Action Plan.

In short an Energy Audit facilitates improved energy productivity,
particularly important in an economic climate where cost control and
competitiveness are essential for survival.

There have been some questions/concerns arising from the local market
about

News

Reduce energy costs, improve business efficiency

July 9, 2012 jrobinson

Businesses which undertake energy management and implement energy audits often enjoy annual savings on energy bills of up to 12 per cent, says the head of a local consultancy.

Yvette Batts, managing director of BCI Solutions, said an energy audit is an assessment of the usage at a facility, including an analysis of cost effective efficiency opportunities to reduce usage, bills and greenhouse emissions. She was speaking at the latest Wednesday Morning Seminar hosted by Myers, Fletcher & Gordon (MF&G) and the Jamaica Chamber of Commerce (JCC), which joined forces with the Development Bank of Jamaica (DBJ) and BCI in presenting the theme “Reducing Your Energy Costs While Improving Your Business Efficiency“.

Energy Audits are done at three levels: walk through, comprehensive and investment grade. The audit level is defined by the energy user, taking into account specific issues to be addressed, complexity of site, and the total budget available, said Batts.

She advised that energy audits and energy saving opportunities are best implemented in the context of an Energy Management Program (EMP) which should be in place before any audit is undertaken. An EMP should include a management structure with a formally appointed energy manager, the involvement of all staff in the programme, an energy management policy, and a system for monitoring energy bills.

While overall savings from energy saving programme may be rewarding, implementation can be costly.

The DBJ by its mandate to facilitate and promote economic growth has been providing loan financing through its network of approved financial Institutions, for projects in areas such as Tourism, Services and Agriculture among others.

Edison Galbraith, DBJ’s general manager, Loan Origination and Portfolio Management, said the institution provides loan financing for large projects in strategic sectors such as Renewable Energy through co-financing and direct lending. The DBJ’s also promotes and finances investments in energy conservation, energy efficiency and renewable energy technology at a rate of eight per cent to 9.5 per cent for up to 10 years. Additionally, assistance for energy audits is available, with funding to offset $200,000 of the cost of the audit. The institution also plays an active role in promoting energy conservation by facilitating public education, workshops and training. Notably DBJ has partnered with the Inter-American Development Bank to secure US$807,000 funding to promote energy efficiency/conservation in the SME Sector. To date DBJ has approved over $330M in energy loans to 20 projects.

Energy fund for Jamaican businesses, once again…

February 8, 2011 jrobinson

This is nothing new as the article below even points out that ‘Lewars said the decision to pursue the initiative primarily arose from the “sluggish” response to the energy fund by targeted stake-holders since 2008.’

Yes folks there have been millions of dollars avail for energy to all Jamaican businesses since 2008. Then why has no one taken the loans causing it to be sluggish? When I met with DBJ a few months ago inquiring about this mysterious ‘energy loan’ the facts were these. Yes the loan is available and at that time they had just reduced the interest rate to 9.75% so that’s not news. The problem was, and I am sure still is since there was no mention of it in this not news article, that the term for the loan is max four years (or something ridiculous like that). Which makes the monthly payment for the loans extremely high plus the interest rate at 9.75 is still too high.

If they are serious about energy loans in Jamaica we need a loan term of 10-15yrs. This will make the monthly loan payment less than what a business is paying to JPS monthly. Now I understand its risky to lend businesses for more than five years but there are some very strong Jamaican companies who have been around for decades who are strong enough to qualify for an extended term limit.

Honestly, I went to them gym this morning at 5am before work so I am tired just like this energy loan argument. Making millions of dollars available is not enough as they have been doing that since 2008, allegedly. Corporate energy loans need extended term limits and if possible better interest rates to make the monthly loan payments less than what businesses pay a month to JPS. Until then the money will sit there gathering interest for who knows who to do who knows what with while the DBJ keeps being baffled as to why no wants to pay 5 times for a loan on a monthly basis than what they are paying JPS monthly. Even if it is for only 4 years. Every other green energy country figured this out in 2008 yet its now 2011 and we are trying to teach an old dog new tricks.

I am not a rocket scientist. I am Jrob… See Gleaner article below.

The Development Bank of Jamaica (DBJ) has embarked on a three-pronged initiative to promote its small and medium-sized enterprises (SME) energy-loan facility, which is financed by the PetroCaribe Fund.

The initiative, to be undertaken over a 24-month period, will include a market study to determine demand for renewable energy projects; strengthening of the technical expertise to support project development and implementation by targeted sector interests; and a public-education campaign, to showcase energy efficient, energy conservation and renewable energy projects already implemented.

Yvonne Lewars, general manager of DBJ’s Approved Financial Institutions Relationships (AFI) Division, said the initiative will be jointly financed by the Inter-American Development Bank (IDB) and the DBJ. She said the project would cost US$807,000, or approximately J$68.6 million.

Lewars said the decision to pursue the initiative primarily arose from the “sluggish” response to the energy fund by targeted stake-holders since 2008. These include commercial and industrial entities, energy-service companies and manufacturers of energy-efficiency equipment and devices.

Over $500 million, provided by the PetroCaribe Fund, has been committed by the DBJ to finance the development and implementation of energy efficiency, energy conservation and renewable energy projects.

The funds are on-lent to sub-borrowers, primarily business entities interested in pursuing such projects, through AFIs affiliated with the DBJ, at an interest rate of 9.5 per cent per annum.

AFIs include commercial banks, merchant banks, the National People’s Co-operative Bank, the EXIM Bank and microfinance institutions.

Lewars says $68 million was set aside for project development in the manufacturing, agro-processing and services sectors, and the balance of approximately $432 million earmarked for SMEs and tourism interests. A maximum of $15 million per entity is provided for SME projects which, on average, equates to some 90 per cent of the DBJ’s funding input to borrowers.

Jamaica Gleaner

News Uncategorized

DBJ approves $124M in renewable energy loans

December 3, 2010 jrobinson

: Image via Wikipedia

THE Development Bank of Jamaica (DBJ) has dismissed reports that there have been no takers for the loans for renewable energy projects for the micro, small and medium-sized enterprise (MSME) sector.

However, it has admitted that clients have experienced challenges in taking up the loans, which are disbursed through approved financial institutions (AFI), such as commercial banks, merchant banks, credit unions and micro finance institutions and the National People’s Co-operative Bank.

Some $84 million in loans has been disbursed with another $40 million approved to eight clients under the programme since 2008, general manager of the DBJ’s AFI relationship division, Yvonne Lewars disclosed on November 10.

“There has been take up of the funds, but not as fast as we would like,” Lewars told Environment Watch.

The DBJ’s managing director Milverton Reynolds, stating that renewable energy was of “strategic importance” to the organisation, said the DBJ recently negotiated a grant of US$591,000 or approximately $51 million from the Inter-American Development Bank (IDB) dedicated to energy usage.

The grant would be used for three things, namely:

* to implement a study to determine the demand for energy in Jamaica;

* to support the training and certification of energy auditors in partnership with the University of Technology; and

* to launch a public education programme about the importance of renewable energy.

Describing the cost of energy as “too onerous and burdensome” for businesses in Jamaica, Reynolds said this ought not to be a huge problem because the island has “endless sunshine and wind”.

He was speaking at the opening of the Scientific Research Council’s 23rd science and technology conference and exposition at the Jamaica Pegasus Hotel in Kingston on November 9.

However, responding to complaints that the loan approval process was too complex, Lewars explained that before an alternative energy loan is disbursed, an energy audit must be carried out. This involves assessing the energy usage of an entity or business and determining how much can be saved by making adjustments, such as changing bulbs, properly sealing windows, and improved ventilation to areas, even before a loan for alternative energy is disbursed.

Lewars said in an effort to improve the approval process, the DBJ had developed models for various sectors in order to reduce the need for MSMEs to pay for audits. Models had been done for poultry businesses and manufacturing, among other sectors.

“It’s a very specialist area. We are training our staff on the various alternative energy sources that can be used, but before we use alternatives, what can we do with the existing business to reduce cost? For example, a simple water heater in a hairdressing business can greatly reduce the energy supply chain,” she said.

In the meantime, the DBJ said it was developing better relationships with AFIs and meeting with business persons to make the applications more acceptable.

Former energy minister Clive Mullings has been among persons calling for the DBJ to disburse alternative energy loans itself, instead of wholesaling them though AFIs.

The loans provide up to $15 million or 90 per cent financing to clients at 9.75 per cent interest.

Tag: DBJ

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Reduce energy costs, improve business efficiency

Energy Audit Explained

Reduce energy costs, improve business efficiency

Energy fund for Jamaican businesses, once again…

DBJ approves $124M in renewable energy loans