JAMAICA Private Power Company (JPPC) which operates a single power plant in Kingston generated revenues of US$11 million ($1.2 b) for its March quarter 2015 which translated to fuel energy sold to the grid, according to financials of its Israel-based parent, IC Power.

JPPC’s 60 megawatt plant represents roughly six per cent of the total capacity of the Jamaican interconnected system.

“During the three months ended March 31, 2015 and the year ended December 31, 2014, JPPC generated revenue of US$11 million and US$41 million, respectively, representing 3.0 per cent and 3.0 per cent of our consolidated revenues, respectively,” stated the company, which later added that the plant incurred costs of US$10 million during the March quarter.

JPPC’s plant has fuel storage tanks on site with an aggregate storage capacity of 50,000 barrels.

During the year ended December 31, 2014, JPPC generated 425 gigawatts hours of energy and has “committed” to sell more than 50 per cent of its available energy in every year up to 2018.

Israel-based IC Power paid US$21 million ($2.4 b) for full ownership in JPPC. The payment occurred last summer.

IC Power held some 15.6 per cent of JPPC prior to the full acquisition last year. It acquired the 84.4 per cent from AEI Power. IC Power indicated an interest in exploring investment opportunities, including the possibility of developing a wind project which would help to add more renewable power to the country’s energy mix.

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

IC Power indicated that the transaction complemented its push to establish power units throughout the Americas.

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