Old Harbour Combined Cycle Power Station

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The project entails the construction and development of 190 MW gas-fired IPP at Old Harbour Bay, St Catherine, Jamaica. The project involves shutting down an existing heavy fuel oil plant and construction of the new dual-fuel plant with liquefied natural gas as the primary source of generation. South Jamaica Power Company is the project company which will undertake the project on behalf of the sponsors. Electricity generated at the plant will be sold to Jamaican Public Service (JPS) under a 20-year PPA. Sponsors include Jamaica Public Service Company (JPS), Marubeni and the Korea East-West Power (EWP) company. Direct ownership is split as follows: 50% held by JPS and 25% stakes by Marubeni and EWP. The total cost for the power plant development is $330 million. The financing includes a loan provided by a syndicate of banks - NCB Jamaica, Clarien Bank, First Caribbean International Bank, Jamaica National Building Society; JMMB Merchant Bank, and Sagicor Bank Jamaica. National Commercial Bank (NCB) led the arrangement of financing The total debt financing for the project is $215 million including a $125 million secured credit facility and a $90 million bond financing. The remaining costs are being funded by equity ($115 million). https://ijglobal.com/data/transaction/37098/old-harbour-bay-power-plant-190mw-ipp Debt financing includes Commercial bond worth $90 million!