Paradise Park PV Solar Plant

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The project entails the construction and operation of a 51-MW solar PV plant in Paradise Park in Westmoreland parish. Eight Rivers Energy Company is the company undertaking the project on behalf of the sponsors. The project is majority-owned by Neoen alongside Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund. Neoen’s was the winning project out of 19 bids in a tender launched by the Jamaican Office of Utilities Regulation (OUR). Paradise Park will deliver to Jamaica Public Service Company Limited the cheapest electrical energy ever made available in Jamaica - with a tariff of USD 85/MWh - through a 20-year power purchase agreement. The project has a total investment amounting to $64million. FMO and Proparco will provide a total of $48.5 million in debt financing with the remaining being contributed by the sposors on a pro rata basis. Debt to equity ratio is 76:24. Construction of the project has already begun. Commissioning is expected in the first half of 2019. https://ijglobal.com/data/transaction/36080/paradise-park-pv-solar-farm-515mw https://www.powerengineeringint.com/articles/2018/06/finance-sealed-for-64m-solar-park-in-jamaica.html https://www.renewableenergymagazine.com/pv_solar/paradise-park-solar-pv-farm-in-jamaica-20180531 https://www.fmo.nl/news-detail/6bcb0292-84a2-4709-9f67-1656f890a1d6/fmo-and-proparco-provide-senior-debt-for-farm-based-solar-park-in-jamaica https://www.neoen.com/wp-content/uploads/2018/05/Neoen_PR-Jamaique_May-2018_VEng_Final.pdf