Lack Of Development Capital Hinders Region, Says New Fortress Boss
October 9, 2017
Chairman of New Fortress Energy Wesley Edens said that despite various challenges, Jamaica and the wider Caribbean are ripe for investment.
"The need for capital investment (in Jamaica) is gigantic, (but) it's a good environment to invest in," Edens said while responding to questions from Christopher Zacca, president of Sagicor Jamaica. Both men were participating in a panel discussion at the inaugural natural gas conference on Wednesday at The Jamaica Pegasus hotel in New Kingston.
Specifically, they were exploring investment opportunities that are anticipated with the introduction of the gas to Jamaica.
New Fortress is the United States-based company that was responsible for the upgrade of the Jamaica Public Service's Bogue plant in Montego Bay, St James. That plant now uses liquefied natural gas (LNG). New Fortress will also supply LNG to the JPS's new 190-megawatt plant now under construction in Old Harbour Bay, St Catherine. The introduction of the gas to Jamaica is expected to significantly reduce electricity costs with other spin-offs for the economy and the environment.
Meanwhile, with potential investors...