Once operational, the 190 MW LNG-to-power project will be the largest power plant in Jamaica. It will provide approximately 20% of the country’s electricity.
It will be the second plant to operate on gas imported via LNG and the first to be developed and financed on a greenfield basis.
The project is being developed by Jamaica Public Service Company, Marubeni Corp. and Korea East West Power.
Charles Whitney, Partner, Norton Rose Fulbright, said: “The project was well structured by the sponsors, who brought a unique combination of local and international skill sets, and this allowed them to successfully attract a quality group of banks and financial institutions led by National Commercial Bank of Jamaica.
“The Old Harbour IPP is a complex transaction as the IPP is being financed separately from LNG/gas handling infrastructure and supply project. The financing for the power station involves a combination of construction phase, project bond financing, together with a senior loan tranche provided by commercial lenders making it quite unique.
“We are pleased to have supported the bank group in bringing this strategic project to successful closing.”
