Jamaica’s energy policy focusing on renewables: a magnet for investment

Jamaica is a “leader in the Caribbean”, with a renewable energy sector that is particularly attractive for investment, said Managing Director of MPC Capital (MPC), Mr. David Delaire.

MPC is a global asset and investment manager for alternative investments. The German company’s subsidiary, MPC Renewables Energy GmbH, will start selling electricity to the Jamaica Public Service next year, once its solar farm becomes operational.

Mr. Delaire was addressing delegates at the Future of the Caribbean Energy forum.

He underlined the importance of an integrated energy policy, which involves stakeholders and provides incentives for the private sector to support sustainable economic growth built on clean energy at competitive prices. These government policies were described as a strong magnet for foreign direct investment.

“You have taken the time to outline an integrated resource plan, what the total capacity here is and how much you would like to have from renewables”, said Mr. Delaire. “All the actors – regulators, the Government as well as private sector – and I think Jamaica has done an exceptional job and look forward to working here.”

Mr. Alien Lewis, manager director of JN Fund Managers, co-hosts of the event, added, “Successive governments have initiated and/or maintained existing policies – including the National Energy Policy that was crafted in 2009 – with the establishment and expansion of the Wigton wind farm and the issuing of licences for privately built and operated solar facilities. That is good but what is even better are the policies and plans for the future.”