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  • JIS News

    Story Highlights

    • The Development Bank of Jamaica (DBJ) has pledged its support for the Energy Services Company (ESCO) Jamaica Project.
    • This project seeks to create the supporting infrastructure for the development of an energy saving industry that will provide sustainable energy solutions.
    • The three-year financing agreement for the project was signed by the European Union (EU) and Government of Jamaica (GoJ), on March 1, 2012, with a value of €576,546.

    The Development Bank of Jamaica (DBJ) has pledged its support for the Energy Services Company (ESCO) Jamaica Project.

    This project seeks to create the supporting infrastructure for the development of an energy saving industry that will provide  sustainable energy solutions.

    The three-year financing agreement for the project was signed by the European Union (EU) and Government of Jamaica (GoJ), on March 1, 2012, with a value of €576,546.

    The project, which is being implemented by the Jamaica Productivity Centre, an agency of the Ministry of Labour and Social Security, is an innovative and creative solution for the country to reduce its energy costs, while maximizing its energy diversification potential.

    Speaking with JIS News, General Manager, Strategic Services, DBJ, Claudine Tracey, says the ESCO Jamaica project aligns with a number of strategies that the DBJ is pursuing to create new industries, jobs, and to reduce the cost of energy, which is a significant barrier to the growth and sustainable development of many Micro, Small and Medium-Sized Enterprises (MSMEs).

    Jamaica’s National Energy Policy projects that by 2030, at least 20 per cent of the country’s energy will come from renewable sources. Mrs. Tracey said the target is ambitious, but that it can be met with the ESCO project.

    In preparation for the full implementation of an ESCO industry in Jamaica, the General Manager said the DBJ has already begun to do “tangible work”.

    To date, the bank has trained 30 engineers in the areas of energy auditing and energy project preparation. It has also collaborated with the Inter-American Development Bank (IDB) in transferring knowledge to ESCOs on energy assessment, measurement, verification, and energy performance contracting.

    In the meantime, uptake of the Bank’s energy loans has increased significantly. Mrs. Tracey informed that the first time the DBJ offered energy loans in 2010, only five were approved. However, at the end of the 2013/14 financial year, it approved 103 loans valued at approximately $659 million. In total, 203 energy loans have been approved amounting to $1.6 billion.

    “We remain committed to this project that will reduce energy expenditure and increase business viability, that will create jobs, and that will create public and private efficiencies,” affirmed Mrs. Tracey.

    The DBJ is one of four partners of the ESCO Jamaica project. The others include: the Ministry of Science, Technology, Energy, and Mining (MSTEM); Petroleum Corporation of Jamaica (PCJ) and Private Sector Organization of Jamaica (PSOJ).

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