IDB Invest funds JPS modernisation programme
THE private sector arm of Inter-American Development Bank, IDB Invest, has entered into an agreement with Jamaica Public Service Compan
y Limited (JPS) to fund the electricity distributor’s capital investment programme for 2024 to the tune of US$100 million.
JPS will use the allocation from IDB Invest to help modernise the country’s electricity grid and expand access to electricity, which are key objectives of its capital investment programme.
The transaction included the mobilisation of US$50 million from CIBC Caribbean, which acted as co-arranger.
Underscoring the importance of access to affordable, reliable, and clean energy, CEO of IDB Invest James Scriven said these are essential for sustainable growth.
“We welcome the opportunity to partner with JPS to accelerate Jamaica’s climate-smart energy transformation,” he continued.
In addition to ongoing grid modernisation the funding from IDB Invest will also be invested in smart meter deployment, transmission and distribution improvement, and upgrades. These projects will ensure ongoing and improved reliability and network efficiency.
Additionally, the package will also include investments to support the fast roll-out of renewable energy, which will require grid expansion and storage technologies in order to ensure grid stability.
“JPS’s commitment to the people of Jamaica means that we are passionate about the continued modernisation of our grid and the use of climate-friendly innovative technologies, which translate into an enhanced experience for all our customers,” Steve Berberich, JPS president and CEO, outlined.
“This financing arrangement is one of many important steps that will take us into the future we envision,” he added.
Another component of the funding will be directed into investments to continue JPS’s digital transformation, enabling seamless system interaction through cloud-based solutions. It also supports JPS’s electric vehicle (EV) infrastructure development, including 17 new EV charging stations, aligning with the broader goal to promote widespread EV-charging infrastructure across Jamaica.
