Prime Minister, the Most Hon. Andrew Holness, has lauded New Fortress Energy for its investment of US$1 billion in the Jamaican economy and energy sector.
Mr. Holness was speaking at the ground-breaking ceremony for the 94 megawatt natural gas-fired power plant at Jamalco in Clarendon on December 1.
The Prime Minister explained that the investment resulted from confidence in the country’s policy direction and the regulatory environment.
“If the regulatory environment is certain, if the political environment around policy is certain… and all agents are working together, the economic risks are reduced,” he said.
Prime Minister Holness informed that the project is expected to provide some 450 jobs during the construction phase of the plant.
“As the Jamaican economy strengthens, numerous investment projects are underway, and others are slated to begin,” he stated, adding that scores of jobs are being created from highway and hotel projects and the business process outsourcing sector.
The plant, which will be powered by liquefied natural gas (LNG) is estimated to cost US$265 million.
Components of the project include a floating storage and regasification terminal; the installation of a pipeline from the Rocky Point port to the Jamalco refinery; the construction of the natural gas-fired power station at Jamalco and the construction of an electricity distribution network.
Meanwhile, Prime Minister Holness informed that the plant will ensure reduced cost of electricity as well as provide reliable and efficient energy.
He stated that the Jamaica Public Service (JPS) and consumers will be major beneficiaries of the project, as the power company will be entering into an arrangement with the owners for power supply to the national grid.
“JPS will definitely see lower cost, and that lower cost will cascade to the consumers. Jamaica will benefit, our economy will benefit and it will position the country with a diversified, reliable and affordable energy system,” Prime Minister Holness said.