US $1-Billion Investment
December 2, 2017
NEW Fortress Energy and JAMALCO yesterday broke ground for a liquefied natural gas combined heat and power plant in Hayes, Clarendon, in New Fortress's ongoing US$1 billion worth of investments in the energy sector and other areas of the economy.
Ninety-four megawatts of baseload energy from the power plant will be sold into the national grid, and the project is expected to provide 450 jobs for Jamaicans during construction.
Major components of the US$265-million operation will include floating storage and a regasification terminal, the installation of a pipeline from Rocky Point port to the JAMALCO refinery, the construction of the natural gas power station at Hayes, and the construction of an electricity distribution network.
At the ground-breaking ceremony, which took place at the JAMALCO energy refinery in Hayes, founder and chairman of New Fortress Energy Wesley Edens gave the thumbs up to the Office of Utilities Regulation, which he said had played a major role in facilitating the investment.
“This has been by far the best regulatory environment that I have dealt with,” he said.
Edens said the advancements in the diversification of Jamaica's energy sector are remarkable.
“Two years ago virtually a hundred [per cent] of the energy in Jamaica was generated by oil, and two years from now virtually a hundred per cent of it will be natural gas or renewables…