Business

New JPPC owners eye wind expansion

Wednesday, June 04, 2014    

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AFTER fully buying Jamaica Private Power Company (JPPC) this week, Israel-based IC Power is eyeing wind power expansion locally.

"For Jamaica, (IC Power) has indicated an interest in exploring investment opportunities including the possibility of developing a wind project which would help to diversify Jamaica's generation capacity by adding more renewable power to the country's energy mix," said Ingrid Christian-Baker, CEO of JPPC.

JPPC hasn't added capacity to its 60 megawatt (MW) base-load diesel-fired generating facility in Rockfort, Kingston since commencing operations in 1998.

AEI Power sold its 85 per cent stake to the minority shareholder, which held the remaining shares in the company.

"This transaction complements IC Power's strategic plan to establish itself as a major player in the power generation business in Central America, the Caribbean, as well as in South America," said Christian-Baker. "With this deal our team at JPPC and our clients stand to benefit from IC Power's well-established track record operating and maintaining power plants, as well as developing greenfield projects of different types of technologies."

The JPPC acquisition is in addition to recent acquisitions in Nicaragua (185MW) as well as IC Power's latest investments in Colombia (Surpetroil 17 MW); Chile (Central Colmito 58 MW); Peru (600 MW Nodo Energetico del Sur) and Las Flores (193 MW Plant).

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