IN an effort to cut back on its massive electricity bill annually, Supreme Ventures Racing and Entertainment Limited (SVREL) yesterday unveiled its massive solar energy plant on the grounds of Caymanas Park in Gregory Park, St Catherine.

The newly built solar system, which was constructed by Jamaican company SolairX, is estimated to eventually save the gaming company over $100 million annually.

Solomon Sharpe, executive chairman of SVREL, said the completion of the plant forms a very important part of his company’s plans for the broad redevelopment of Caymanas Park.

“Our light bill now is over a hundred million dollars a year so we want to reduce that significantly to less than 10 million dollars per annum and for us to be as efficient as possible,” said Sharpe during the unveiling ceremony on Monday.

“That will give us an opportunity for other development plans if we are able to save some money and redirect some of those funds into other developmental areas as we go forward with Caymanas Park as a business [and] continue to make our ecosystem strive,” he added.

Sharpe stated that construction of the plant was done at US$4million (approximately $600 million). The plant consists of a 1.7-megawatt solar field and a 5-megawatt battery system totally independent of the grid.

“We want this place to be a viable commercial hub, not just for the horsemen that are here but for the greater Portmore community,” Sharpe said. “This is just our first step because we are now engaging in some conversations about other environmental factors that we will have to employ now that we have switched to a solar plant.”

Minister without portfolio in the Ministry of Economic Growth and Job Creation Senator Matthew Samuda, who was in attendance on Monday, said SVREL’s new solar plant is a step in the right direction for the gaming company.

“Jamaica has committed to ensuring that by 2030, 50 per cent of its energy is produced by renewed energy — and that can only happen with the input of the private sector. So, a 1.5- to 1.7-megawatt plant… is a major step,” remarked Samuda.

“This is very important for capacity building in Jamaica and it adds to the sustainability, and no doubt economy as well, for Caymanas Park.

“We are happy for the investment and we are happy for the persons at Caymanas who will benefit from this renewable energy,” he said. The minister also pointed out that he is very pleased the construction of the solar plant was commissioned by a Jamaican company.

Samuda was particularly impressed with the fact that the project’s development and execution were native in some elements.

“It is installed locally by a local manufacturer — because the panels itself and the other electrics are no doubt imported — but we are very happy to see more local companies entering what we call the green economy,” he noted.

President of the United Racehorse Trainers Association of Jamaica (URTAJ), Patrick Smeille said his organisation welcomes the new solar plant.

“This is a good thing for Caymanas track because it will save money for SVREL — and in the long term, hopefully, those money will go to other areas [in upgrading the infrastructure],” he said.