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.”
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/29032017/norton-rose-advises-on-lng-to-power-project/