The US Overseas Private Investment Corporation has agreed to finance Jamaica’s first utility-scale solar PV power plant.
A 20 MW solar PV project under development in Clarendon, Jamaica, has secured $47 million in debt financing under the US Government’s Caribbean Energy Security Initiative. The project is owned by Content Solar, and Florida-based WRB Enterprises is currently developing the project. Once commissioned, the project is expected to play a crucial role in reducing Jamaica’s dependence on imported fuel, with the country currently seeing 90% of its electricity generated by using imported oil.
According to the Jamaica National Energy Policy 2009-2030, the country is looking to significantly increase investments in renewable energy technologies. The country has targeted at least 20% contribution towards the energy mix from renewable energy sources by 2030.
As part of the policy, the government plans to offer several incentives to the renewable energy sector. The long-term policy includes specific incentives for wind, solar, co-generation, biomass, and biofuels sector. The government also plans to take several measures to boost energy efficiency and conservation in the building, residential, and commercial sectors.
The government also plans to work in the forestry sector for greenhouse gas emissions and tie it up with carbon trading.