Global law firm Norton Rose Fulbright has advised Proparco, the French development finance institution and Dutch development bank, FMO, in relation to the financing of a 37MW solar PV project in Westmoreland, Jamaica. When complete it will be the largest in Jamaica.
Construction of the project has begun and it will be commissioned in the first half of 2019. It is majority-owned by Neoen, alongside MPC Caribbean Clean Energy Fund and Rekamniar Capital. The project company, Eight Rivers Energy Company Limited, has entered into a 20 year power purchase agreement with Jamaica Public Service Company.
Charles Whitney, head of energy for Europe, Middle East and Africa, comments:
“We are delighted to assist on another IPP in Jamaica that will allow Jamaica to diversify its energy mix towards greener and cleaner energy, in line with its reform programme. This is also a great example of how Europe can take a leading role in the development of renewable industries in emerging markets. A Proparco led financing, supported by the Dutch development bank FMO, together with a French and German-led sponsor group and French EPC contractor, makes this a win-win for both JPS and their European partners.”
The Norton Rose Fulbright team was led by partners Charles Whitney and Chris Down and included Andrew Hart, Jared Franicevic, Marie Zelazko, Alexandra Jeffreys, Adrian Wieslaw and Maksymilian Jarzabek.
The firm continues to advise on solar PV projects at the forefront of the market, including most recently the US$ 900 million financing for the Sweihan IPP (independent power project) in Abu Dhabi. The team also recently advised the lender group on the Old Harbour IPP in Jamaica, which closed in 2017.
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Notes for editors:
Norton Rose Fulbright
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