FosRich Group has plans to make even greater inroads in the energy sector as it aims to offer more solar energy solutions to the Jamaican market.

“At FosRich we have definitely decided that the energy sector is where we are going to be focusing — renewable energy — and we think that Jamaicans will be benefitting a great deal, right now, from the offerings that we have,” Cecil Foster, managing director, told the Jamaica Observer.

“We have partnered with Huawei and we’re definitely bringing great solar solutions to the market. That’s one of the things that Jamaicans can expect,” he added

Having entered into partnership with global technology outfit Huawei in November 2020, FosRich is now a tier one distributor of FusionSolar line of products, including photovoltaic (PV) solar inverters, in Jamaica and other parts of the Caribbean.

Foster pointed out that given that inflation is expected to continue above the target set by the Bank of Jamaica in the near term and that the local currency, based on history, will depreciate, Jamaicans should expect their electricity bills will increase. To this end, he said that supplying solar photovoltaic PV systems, as well as installing them, “is one of our growth areas” that the company will be focused on in 2022.

According to the company’s annual report for 2020, “This line provides new generation string inverters with smart management technology to create a fully digitalised smart PV solution. Huawei offers leading smart PV solutions harnessing more than 30 years of expertise. The aim is to make smart PV accessible to all.”

What’s more, FosRich itself will also benefit from the transition to alternative energy as it outfits all its locations, including the Blue Emerald plant in Clarendon, with solar PV systems.

“Operating with the most efficient energy source is our aim and we have a roll-out of solar system usage at all our locations. We are [going to be] using solar energy to run these plants, and so we’re hoping that the project will be completed by mid-year,” Foster disclosed to Business Observer, adding that the company will reduce its dependence on the local grid by 65 per cent.

The Development Bank of Jamaica and EXIM Bank will finance the installation of the solar PV sytsems, he said.