Investors willing to pump capital into renewable energy projects in Jamaica won’t have to make a one per cent downpayment when making their bids to the regulator.
In stead, they will have to submit the proposal security of one per cent of the total project cost to the Office of Utilities Regulation (OUR) after their project has been given the greenlight.
The Office of Utilities Regulation (OUR) has given the Jamaica Public Service Company (JPS) until March 15 to submit the details of an alternative proposal for supplying 360 megawatts of power to the national grid.
Earlier this month, the OUR had announced it had ended the request for proposal process with the JPS for the 360 megawatts power plant.
A day after missing the January 30 deadline to provide final details of how it would undertake the project, the JPS had made an alternative proposal to the OUR.
But in a release last night the OUR said the company
The Office of Utilities Regulation (OUR) has given the Jamaica Public Service Company (JPS) until March 15 to submit the details of an alternative proposal for supplying 360 megawatts of power to the national grid.
Earlier this month, the OUR had announced it had ended the request for proposal process with the JPS for the 360 megawatts power plant.
A day after missing the January 30 deadline to provide final details of how it would undertake the project, the JPS had made an alternative proposal to the OUR.
But in a release last night the OUR said the company
The Office of Utilities Regulation has formally cancelled its agreement with JPS for development the 360 MW liquid natural gas plant, but the power company said Tuesday that the decision does not mean an end to the energy project.
Jamaica Public Service Company presented a modified version of the development to the OUR last Thursday, but would not say whether that plan still banks primarily on LNG for the plant ahead of feedback from the regulator on its proposal.
Company spokeswoman Winsome Callum told
Jamaica Public Service Company will not bid on the 115 MW renewable energy project, says energy minister Phillip Paulwell in an advisory meant to allay fears that prospective investors would have to compete with the monopoly power distributor.
Additionally, the one per cent bond imposed on bidders will now be applied after the selection of qualified bids.
The adjustment followed complaints from the Jamaica Solar Energy Association that the upfront proposal costs were too high – ranging from just under US$1 million to as high as US$2 million, according association president Roger Chang.
The bid deadline has also been extended two months to June 2013.
More than 80 investors have already indicated interest in the project. They complained at a mid-January meeting with the OUR that, were JPS to participate in the project, the power utility, which controls the national grid, could easily under-bid them.
business@gleanerjm.com
Read more:
The Office of Utilities Regulation has formally cancelled its agreement with JPS for development the 360 MW liquid natural gas plant, but the power company said Tuesday that the decision does not mean an end to the energy project.
Jamaica Public Service Company presented a modified version of the development to the OUR last Thursday, but would not say whether that plan still banks primarily on LNG for the plant ahead of feedback from the regulator on its proposal.
Company spokeswoman Winsome Callum told
Energy Minister Phillip Paulwell says the deadline for the submission of bids for the supply of 115MW of electricity generation capacity from Renewable Energy will be extended by two months to June.
He also says the one per cent bond levied on all bidders will only apply after the selection process had been completed.
In addition, Paulwell said, investors need not worry about competing with the Jamaica Public Service Company as the company has indicated that it will not be directly involved in the bidding process.
Paulwell says since being issued in November 2012, the request for proposals has attracted significant attention from local and international investors, with over 80 interested parties attending a pre-bid information session held in January.
Paulwell says the changes to the bid requirements are intended to further encourage investors as the country moves to have most of its electricity generated from renewable sources by 2030.
Read more:
Energy Minister Phillip Paulwell says the deadline for the submission of bids for the supply of 115MW of electricity generation capacity from Renewable Energy will be extended by two months to June.
He also says the one per cent bond levied on all bidders will only apply after the selection process had been completed.
In addition, Paulwell said, investors need not worry about competing with the Jamaica Public Service Company as the company has indicated that it will not be directly involved in the bidding process.
Paulwell says since being issued in November 2012, the request for proposals has attracted significant attention from local and international investors, with over 80 interested parties attending a pre-bid information session held in January.
Paulwell says the changes to the bid requirements are intended to further encourage investors as the country moves to have most of its electricity generated from renewable sources by 2030.
Read more:
Trade data unearthed through website
The Jamaica Public Service Company, JPS, says preparatory work has started on the construction of the second Maggotty Hydroelectric Power Plant.
The plant is expected to add six megawatts to the national grid upon completion in November next year.
A statement from the power company says 30 jobs have so far been created with this number expected to increase as the project continues.
JPS has committed US$33 million to the building of the new plant
