Angella Rainford, managing director of UK-based Rekamniar Frontier Ventures, is confident that Jamaica's move to diversify the energy sector will result in an almost immediate reduction in the country's oil bill.
Jamaica's oil imports amounted to US$2.4 billion in 2011.
"Once the plants are commissioned, you should see a fairly instantaneous reduction, as you will be substituting power that otherwise would be generated using oil," said Rainford, in an interview with The Gleaner recently.
Rainford's company has joined forces with French group Neoen to form a local based consortium, Eight Rivers Energy Company, which is on the hunt for potential investment opportunities for renewable-energy projects in Jamaica.
The group is among 20 entities that responded to the Office of Utilities Regulations (OUR) request for proposals to develop generate capacity of up to 115MW of energy from renewable sources.