Proparco and FMO will provide the senior debt for the 51MWp solar PV park. The project, majority-owned by Neoen alongside Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, will be commissioned in the first half of 2019.
Xavier Barbaro, CEO of Neoen, stated: "This project shows how a combination of investment in an emerging country, cutting edge technology implemented by first class international contractors and a strong governmental and grid operator support, with a large environmental and social component, can generate value by offering the most competitively priced electricity to the grid. Paradise Park perfectly illustrates Neoen’s unique know-how, which enables the group to expand worldwide very rapidly. We are delighted to have such prestigious development banks as Proparco and FMO on board. Jamaica and the Caribbean in general are blessed with renewable energy resources, and the Group is therefore very active in terms of development in the area."
Angella Rainford, Managing Director of Rekamniar Frontier Ventures, said: "This project exemplifies Rekamniar's ability to execute significant projects from idea to reality. We are proud to be a part of Jamaica's energy landscape evolution from traditional energy sources to renewables. This could not have been possible without the invaluable support we have received from Jamaica's government, local agencies and our neighboring community."
Martin Vogt, Managing Director of MPC Renewable Energies, added: "Paradise Park demonstrates MPC Capital's specialist expertise, its strong network of strategic regional partners, and hands-on approach to developing and managing diverse and innovative infrastructure projects across emerging markets. We are excited to announce that Paradise Park is the first investment of MPC Caribbean Clean Energy Fund."
According to Grégory Clémente, CEO of Proparco, "Proparco is extremely proud to be supporting a project critical to the diversity of Jamaica's energy mix by reducing its dependency on fuel. This project showcases Proparco's desire to help countries like Jamaica meet their development objectives in a sustainable manner. Given the importance of timely execution to respond to the immediate energy needs of the country, we opted for a simple and robust financing structure. Efficient execution would not have been possible without leveraging on the strong relationship with the sponsors and the commitment of the Jamaican authorities."
Ewout van der Molen, Manager Energy Latin America Caribbean at FMO, concluded: "We feel honoured to be part of the Paradise Park endeavour, a first renewable energy investment of this scale in Jamaica. It is an excellent fit with FMO's strategy, which is to empower private entities in countries like Jamaica to increase the supply of renewable energy."