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.”