Paradise Park is a 51.5 MW (Megwatt) PV (photovoltaic) farm based in Westmoreland, Jamaica. Neoen, one of the world’s leading renewable energy independent power producers and the majority shareholder in the Paradise Park (together with the solar park’s co-shareholders, Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund) has recently announced the energization and commencement of its operations at the plant. The construction was done by Eiffage Energía, who will also conduct the maintenance going forward.
The Paradise Park project was chosen from 19 proposals. Neoen, together with Rekamniar, won the tender launched by the Jamaican Office of Utilities Regulation (OUR). The power plant will now deliver clean electricity to Jamaica’s national utility, the Jamaica Public Service Company Limited.
Xavier Barbaro, CEO of Neoen, stated:
The start of operations of the Paradise Park solar farm is an important achievement for Neoen and combines significant economic impact by producing the cheapest electricity on the island with a strong social impact through the creation of more than 300 direct jobs during the construction period and the training of students of surrounding communities in partnership with the Clinton Foundation. The development and construction of Paradise Park illustrate Neoen’s unique capabilities to bring together, in partnership with Jamaican local and international stakeholders, first-class lenders such as Proparco and FMO, donors such as USAID and leading construction and equipment manufacturers. We are proud to have delivered this flagship project and look forward to capitalizing on this successful experience.
Angella Rainford, Managing Director of Rekamniar Frontier Ventures, said:
The Paradise Park project exemplifies the possibility for Jamaica and other emerging market countries to achieve cost savings while enhancing sustainability and resilience in their economies through the adoption of renewables. At Rekamniar, we are proud to have been a part of this significant achievement by the Jamaican people. We continue to develop such projects across the region and, via our sister company, Soleco Energy, are implementing a complementary distributed generation strategy for the Caribbean.
David Delaire, Managing Director of MPC Renewable Energies, added:
Paradise Park is a key milestone for Jamaica and the wider CARICOM region. It represents the collaborative and cooperative efforts of private and public partnerships in order to transition Jamaica and the CARICOM region to a clean and sustainable environment powered by renewable energy. We at MPC Capital are so proud to deliver a high-quality investment that also represents our commitment to creating long-term and sustainable value with direct investments in renewable energy assets for our investors and stakeholders. Jamaicans can participate and benefit from this landmark solar park through the Jamaica Stock Exchange listed MPC Caribbean Clean Energy Ltd. In accordance with the mandate of the Fund, we continue to evaluate additional investment opportunities in the renewables sector for both institutional and retail investors who wish to capitalize on opportunities in the growing market. The region has the natural resources that are abundantly available and the right legislative and regulatory framework, administrative practices and commitment to attract investors such as MPC Capital.
It’s to be the cheapest electrical energy ever produced in Jamaica – with a base tariff of USD 85/MWh. The plant holds a 20-year power supply deal with state-owned utility with this set price.
Paradise Park may be the cheapest power, but it’s not the only large-scale solar project in Jamaica! Others include a planned floating PV project by Jamaican oil company Petroleum Corporation of Jamaica and a 20 MW plant in Clarendon that was started in July 2015 by Florida-based WRB Energy. Furthermore, the country’s government has supported rooftop PV through a net billing scheme since 2012 with 800 licenses having been granted under the scheme, 70 of them in the first nine months of this year!
