West Kingston Power Project (JEPIII)

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The 66MW West Kingston Power plant was to provide efficient, fuel-based, power supply to the country’s electricity grid, helping reduce its dependence on outdated power plants as well as reduce the amount of oil imported for Jamaica’s electricity sector. The US $132m project entailed the development of 66MW greenfield, natural gas power project located in Metropolitan Kingston, Jamaica. This was Jamaica Energy Partners third project. JEP was a subsidiary of the Latin Power Fund III, which was owned by the private equity fund Conduit Capital Partners LLC [USA]. Financing closed on December 10, 2010 and comprised $99m of debt and $33m of equity. The debt was split into a $22m IFC A loan, a $77m credit facility provided by Bank of Nova Scotia, First Caribbean International Bank, Deutsche Investitions-und Entwicklungsgesellschaft mbH, the Nerderlandse Financierings-Maatschappij Voor Ontwikkelingsladen N.V., the Corporación Andina de Fomento, and the Corporación Interamericana para el Financiamiento de la Infraestructura S.A. Commercial operations commenced in July 2012.