Eight Rivers Energy Company
37MW (50MWp) utility solar pv plant in Jamaica
On July 31, 2015, the Office of Utilities Regulation ("OUR"), the electricity regulator in Jamaica, issued an RFP for the supply of up to 37MW net of electricity generation capacity on a build, own and operate basis with bid submission deadline of January 27, 2016. Rekamniar in partnership with Neoen, a French independent power producer, established the Eight Rivers Energy Company ("EREC") to jointly submit a bid in this tender.
EREC was successful and was awarded the full capacity for a ground-mounted solar PV plant to be located at Paradise Park, Westmoreland, Jamaica. A power purchase agreement ("PPA") has been subsequently signed with the Jamaica Public Service Company and the Government of Jamaica have issued an Operating Licence to EREC. We are on track for the plant to be commissioned by December 2018.
WHY IS THIS IMPORTANT FOR JAMAICA
Jamaica has one of the highest costs of electricity in the world. The over-reliance on oil fueled generation capacity combined with an aged infrastructure network has contributed to average retail electricity prices of approximately 30.00 US cents / kWh. Over 90% of Jamaica’s electricity generating capacity is dependent on imported oil and much of the existing capacity (>40%) was installed over 30 years ago. The development of renewable energy projects, while increasing over the last few years, has been limited and accounts for less than 10% of installed capacity.
This Project represents an opportunity to invest in the country’s push for energy diversification at a time when government policy is shifting to support renewable energy and a significant amount of new capacity is needed.
EREC will provide Jamaica with its lowest source of renewable energy at a price of 8.5 US cents / kWh.
Our project will be located on the western pat of the island. This site boasts strong irradiation profile and is in a rural community.
Progress to date
- Key project documentation in place, including the PPA
- Generation Licence issued by the Ministry of Science Energy & Technology
- Environmental permit received from the National Environment & Planning Agency
- Grid Impact Study completed
- Construction permit completed
- Final EPC selection (ongoing)
- Opportunity origination
- Lead local developer
- Financing: raised the development capital, equity, and working with our partners to secure the debt financing from the lenders
- Secured grant funding to support project development
- Built and manages all government relationships
From project inception, EREC liaised with the Westmoreland Parish Council to ensure community buy-in and a joint ownership of the project.
The Clinton Foundation is also providing strong support through the administration of solar training and community outreach programs in the local area.
The Clinton Climate Initiative has launched competition Shine to 3,500 secondary students in Form 1-6 at high schools near the site. The lessons focus on the importance o renewable energy and the impact that the Paradise Park project will have in Jamaica.