JMMB Group Limited will spend US$420,000 ($53 million) on a solar energy system to power various offices across Jamaica this year.
The project forms part of a wider move by JMMB to reduce its carbon footprint.
“We plan to implement this on a location-by-location basis, with the first implementation taking place at one of our locations in Kingston, in the coming months. The cost is as stated, US$420,000,” the financial conglomerate told the Financial Gleaner.
JMMB estimates the project payback period will span just about five years based on expected energy savings.
The solar plant will generate up to 293,935 kilowatts, hours of electricity per year with the use of clean renewable energy.
“The system is expected to save the company US$90,000 annually, and reduce oil energy dependency by 34 per cent,” JMMB said in its newly released annual report for year ending March 2016.
Roughly three years ago, JMMB embarked on a company-wide initiative coined ‘Go Green’, with one of the primary objectives to change the group’s energy practices in a way that was more environmentally friendly and cost-efficient.
“This investment in a grid-tied solar system is just another step in the direction of making us even more efficient at how we use energy,” the company said via email.
A grid-tied solar system is one where the system itself is tied to the external electricity grid, as opposed to batteries.
“In other words, the system uses the sun to generate our electricity needs, with any unused electricity going back to the external grid, as opposed to being stored in batteries,” said JMMB.
JMMB expects the project to expand over time through exploration of other renewable resources to all JMMB Group locations, where possible.
JMMB Group made $2.3 billion profit off $10.42 billion of net revenue in FY2016.
