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Norton Rose advises on LNG-to-power project

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Hydrocarbon Engineering,

Norton Rose Fulbright has announced that it advised the National Commercial Bank of Jamaica, JCSD Trustee Services Ltd and other financing parties on the US$330m project financing of a LNG-to-power independent power project at Old Harbour, Jamaica.

Once operational, the 190 MW LNG-to-power project will be the largest power plant in Jamaica. It will provide approximately 20% of the country’s electricity.

It will be the second plant to operate on gas imported via LNG and the first to be developed and financed on a greenfield basis.

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

Charles Whitney, Partner, Norton Rose Fulbright, said: “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.”

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