Eight Rivers Energy

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The project envisages the construction and operation of a 37-MW solar PV plant in Paradise Park, Westmoreland. The venture is led by Eight Rivers Energy Co Ltd (project company). This is a greenfield project undertaken on a build, own and operate (BOO) basis for 20 years. The 37 MW project is being developed by French independent power producer Neoen, which owns a 50% stake in the plant. The remaining 50% is held by business developer Rekamniar. The renewable energy procurement was launched by the Jamaican Office of Utilities Regulation (OUR) in July 2015. In May 2016, the OUR announced it had selected Eight Rivers as the winning bidder. The company proposed the lowest electricity price of 8.54 US cents per kWh. Overall, 19 bids, totaling nearly 500 MW, including 11 solar PV projects were submitted to the OUR. The duration of the PPA is for 20 years (until 2038). The project has secured financing through USAID through the Clean Energy Finance Facility for the Caribbean and Central America (CEFF-CCA). The facility is estimated to cost US$60 million (J$7.5 billion). As of December 2017, no further financing details are available. However, construction works have initiated in mid December being financed with equity contributions. The construction phase will last a year and expected commissioning is for December 2018. http://newenergyevents.com/jamaicas-solar-ppa-breaks-records-at-8-5-centskwh-whos-the-big-winner/ http://newenergyevents.com/jps-and-eight-rivers-ppa-signed-37-mw-solar-project-to-begin-construction-shortly/ http://jamaica-gleaner.com/article/news/20171212/caribbeans-largest-solar-powered-plant-jamaica Rekamniar is the second sponsor which holds the remaining 50% in Eight Rivers Energy Co Ltd.