OUR Selects Preferred Renewable Energy Bidder
Kingston, Jamaica – The Office of Utilities Regulation (OUR) has selected Eight Rivers Energy Company Limited (EREC) as the preferred bidder to build, own and operate a 33.1 megawatt solar photovoltaic (PV) power generation facility at Paradise Park in Westmoreland.
The OUR in a news release Tuesday said the proposed price (all-in tariff) is 8.54US cents/kWh.
This latest OUR-managed project is the most competitive renewable energy procurement project to date and is in keeping with the trend in the reduction in the price of energy from renewable sources, the release said.
“This bid is significantly cheaper than the tariffs proposed for the projects which were selected from a similar competitive procurement commenced in 2012 which were based on wind turbine and solar technologies,” the OUR said.
Meanwhile, director general of the OUR Albert Gordon is pleased with the proposed all-in tariff of 8.54 US cents/kWh, which we believe has set the pricing bar for future renewable projects.
The OUR received 19 bids, totalling nearly 500 megawatt, of which 11 were base proposals and eight were alternative proposals from entities vying for the opportunity to establish electricity generation projects from renewable energy sources that contribute up to 37 megawatts to the national grid.
The highest-ranked bidder, EREC’s project, is a 33.1 megawatt solar photovoltaic which is 50 per cent owned by Neoen, an international independent power producer, through its wholly owned subsidiary, Neoen International, and 50 per cent owned by Rekamniar.
The OUR said the next step in the project requires EREC to finalise the various project agreements.
“If they fail in this regard, then the OUR moves to the bidder next in line. A number of financial institutions have expressed interest in providing debt financing for the project and have issued their letters of support,” the OUR said.
Category/ies:Jamaica News, News, Renewable Energy, Solar Energy.
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