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More investors invited to renewable energy sector

Government has further opened the door for additional investors to enter the renewable energy sector.

Energy and Mining Minister Phillip Paulwell has announced that as of next week, investors in renewable energy projects will be able to bid for up to 115MW of electricity generating capacity through a Request For Proposal (RFP)process.

According to Mr. Paulwell the Government has been making steady progress in encouraging renewable energy investors.

He said the Government intends to achieve – and exceed – the objective of having, 20 per cent of the electricity used in Jamaica being generated from renewable sources by 2030. Last month, the government cleared the way for investment by rescinding the Petroleum Corporation of Jamaica (Extension of Functions) Order, which gave the PCJ the exclusive right to develop renewable energy projects in Jamaica.

The removal of exclusivity means that the renewable energy market in Jamaica is now fully liberalized, and that the Office of Utilities Regulation (OUR) can now seek competitive bids for the addition of renewable energy capacity.

At the November meeting of the Jamaica Energy Council  on Friday Mr. Paulwell told the group that  Cabinet had recommended that the OUR issue a Request for Proposals (RFPs) for the supply of up to 115MW of electricity from renewable energy to the national grid.

The Energy Council, which meets monthly and comprises stakeholders from government, opposition, private sector and civil society.

The OUR is expected to issue the RFP next Monday.

All potential investors in large or small renewable energy installations are eligible to participate.

 

Source: http://rjrnewsonline.com/local/more-investors-invited-to-renewable-energy-sector



Category/ies:Jamaica News, News.
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