Jamaica Energy Partners (Old Harbour)

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The project consists of eight diesel power units with a total installed capacity of 72-MW (each unit has 9.5-MW of capacity). The project began as a single barge-mounted plant. As of December 2008, the project company, Jamaica Energy Partners, was owned by Scudder Latin American Power Funds (63%), Caribbean Basin Power Fund (34%) and Wartsila (1%). The total cost of the power was $102 million. The total installed capacity started its commercial operation in October 1995. Jamaica Energy Partners sells its output to the national utility Jamaica Public Services Company, under a 20-year power purchase agreement and an implementation agreement with the government of Jamaica. The IFC partially financed the construction of the power plant. Additional financing came in the form of a US$ 9.6 million from McDonnell Douglas and the remaining cost as equity. In its fiscal year 1996, MIGA issued $30 million in coverage to a group of equity and debt investors for the construction and operation of Jamaica Energy Partners (a 74-MW barge-mounted diesel power plant). The insured owners were Barge Energy, L.L.C., Illinova Generating Company, Metra Finance Oy AB, Scudder Latin American Power I-C, L.D.C., Scudder Lating American Power I-P, L.D.C., and Wartsila Power Development Corporation, Inc. In the fiscal year 1997, MIGA consolidated its involvement in the power sector in Jamaica by insuring McDonnell Douglas Finance Corporation of the United States for its $9.6 million loan to Jamaica Energy Partners, L.P. (JEP). MIGA’s $14.3 million guarantee covers McDonnell Douglas's loan against the risks of expropriation, transfer restriction, and war and civil disturbance. In 2006, the IFC and partner banks packaged US $78 million in financing for the construction and operation of new barge that would add 50MW of capacity to the facility. Conduit Capital LLC liquidated their ownership in 2007 and repurchased 100% of Jamaica Energy Partners in 2009. Expansion in 2005 see info on filing system