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Norton Rose Fulbright advises on financing of Jamaica LNG-to-power project

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LNG Industry,


Law firm Norton Rose Fulbright has advised the National Commercial Bank of Jamaica, JCSD Trustee Services Limited and other financing parties on the US$330 million project financing of a 190 MW LNG-to-power independent power project at Old Harbour, Jamaica.

Once operational, the project will be the largest power plant in Jamaica, providing approximately 20% of the country’s electricity. It will be the second plant to operate on gas imported via LNG and only the first to be developed and financed on a green-field basis.

The project is being developed by Jamaica Public Service Company, Marubeni Corporation and Korea East West Power.

Charles Whitney, partner, Norton Rose Fulbright comments:
“The project was well structured by the sponsors, who brought a unique combination of local and international skill sets, and this allowed them to successfully attract a quality group of banks and financial institutions led by National Commercial Bank of Jamaica.

“The Old Harbour IPP is a complex transaction as the IPP is being financed separately from LNG/gas handling infrastructure and supply project. The financing for the power station involves a combination of construction phase, project bond financing, together with a senior loan tranche provided by commercial lenders making it quite unique.

“We are pleased to have supported the bank group in bringing this strategic project to successful closing.”

  

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/28032017/norton-rose-fulbright-advises-on-financing-of-jamaica-lng-to-power-project/

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