US Ready to Provide More Renewable Energy Support to Jamaica

Counsellor for Public Affairs at the United States Embassy, Joshua Polacheck, says his Government is prepared to increase its partnership with Jamaica on renewable energy projects.

He said the US is willing to offer additional support projects similar to the 36.3 megawatt wind farm being developed by BMR Jamaica Wind Limited in the Santa Cruz Mountain, in St. Elizabeth.

“We look forward to working with the Government of Jamaica on those sorts of investments and making the regulatory and other environment attractive for that investment,” Mr. Polacheck, while speaking at a Jamaica House press briefing on Thursday (April 16).

The wind farm project is being financed through a $42.7 million loan from the US Overseas Private Investment Corporation (OPIC) along with funding provided by the International Finance Corporation (IFC), and the IFC-Canada Climate Change Programme.

The wind farm will be the largest renewable energy project developed by the private sector in Jamaica and will help reduce the country’s dependence on imported oil.

Meanwhile, Mr. Polacheck said Jamaica and other Caribbean countries can take advantage of several multi-million dollar provisions for US investment in renewable energy.

These initiatives were announced by US President, Barack Obama, during his visit to Jamaica last week, and US Vice President, Joe Biden, at the Caribbean Energy Security Summit earlier this year.

“(A way) to capitalise on the multi-million dollar funds is to increase the opportunities for investment in renewable energies, whether in Jamaica or other Caribbean markets,” the Counsellor said.

Mr. Polacheck explained that OPIC provides private capital, including guarantees, to private sector investors, to carry out the projects. “It is not a case where the US Government comes in and builds, owns and operates something like other Governments do,” he pointed out.