File photo of a solar farm overseas. SunTerra says that its planned Midnight
Sun project, once operational, will
deliver approximately 130 GWh of clean
energy annually — about four per cent of the island’s total electricity needs
MIDNIGHT SUN ENERGY
SunTerra secures financing for project poised to become Jamaica’s largest solar farm
Renewables company SunTerra Energy Jamaica Limited has secured financing from Rosh Development to execute its 50 megawatt (MW) Midnight Sun project to be built on more than 200 acres of land in Duncans, Trelawny.
The landmark project, expected to break ground within the next three months, is poised to become Jamaica’s largest solar farm and the second-largest in the Caricom region. Once operational, it will deliver approximately 130 GWh of clean energy annually — about four per cent of the island’s total electricity needs. The energy generated will be sold to Jamaica Public Service Company (JPS) under a 20-year power purchase agreement (PPA), and is projected to save the country more than US$20 million per year in energy costs.
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SunTerra CEO Emanuel DaRosa hailed the investment as a significant step in Jamaica’s transition to clean energy.
“Rosh Development Ltd has played an instrumental role in helping us move from vision to execution. Ravi Rochlani and his team believed in the promise of this project from the start, and their investment has allowed us to take the critical next steps toward construction,” he said.
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DaRosa, in responding to queries from the Jamaica Observer on Wednesday, declined to disclose the exact value of the current investment which was initially announced as a US$60-million project to be financed through a mix of debt and equity. He, however, confirmed that the funds secured are sufficient to support critical pre-construction phases, including detailed engineering, regulatory approvals, and commercial negotiations.
“The funding will be targeted towards de-risking and preparing the project for construction. It ensures that all pre-construction milestones, including final design, EPC contract execution, PPA finalisation with the JPS, and debt arrangement with our lenders will be achieved. The full construction financing will be finalised closer to our targeted start in July 2025,” he told BusinessWeek.
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Lauding Rosh Development as a trusted and forward-thinking partner, the CEO said their team possesses “a strong local insight and a track record of smart investments and the agility to move swiftly”, attributes he believes align perfectly with SunTerra’s timeline and goals”.
The entity coming on board as an initial investor of the landmark project said it expects that the funding being made available will help SunTerra to build something that will be truly impactful for the country and the region.
As a private investment company, Rosh Development previously had a strong focus on the local real estate industry but had since shifted a lot of this to energy.
“We are thrilled to be the initial investor in the Midnight Sun Project. From the onset, we saw the immense potential of this initiative, not only in terms of clean energy production and environmental impact but in the long-term transformation of Jamaica’s energy landscape,” said Rochlani, CEO of Rosh Development.
The Midnight Sun concept, developed over two years, aims to provide reliable 24-hour power to the grid. The solar plant is to be powered by state- of-the-art, cutting-edge technology backed by the installation of more than 114,000 HJT 2.0 solar panels, to be supplied by Risen and/or Hausun, and 55MW of SunGrow high performance inverters. The farm is conveniently placed next to the JPS power grid in Trelawny.
The project stands as one of two winning proposals last year awarded by Government under its request for proposal to supply up to net 100MW of electricity generation from renewables on a build, own and operate basis.
Following its winning bid, SunTerra had indicated that its longer term vision was not only to generate energy but to reduce greenhouse gas emissions by more than 80,000 tons of CO2 annually.
Construction of the large farm is expected create approximately 300 jobs with around 60 long-term positions once operational.
SunTerra, having already secured land, said the project — rolled out as part of its broader strategy to transform the local energy landscape — will enable it to supply up to 15 per cent of the country’s renewable energy requirements.
Building on the successes of this project, the green energy solutions provider is also hoping to pave the way for future phases that will include battery storage capabilities.
“We were actively developing a pipeline of future projects across Jamaica and the Caribbean. These include potential solar-plus storage developments and opportunities to provide 24-hour clean energy to the grid. We’re also exploring markets like Barbados, The Bahamas, Antigua, Guyana, and St Lucia where similar solar conditions and energy policies make renewable projects both viable and vital,” said DaRosa, a former CEO of JPS.
Ravi Rochlani (seated, left), CEO, Rosh Development Ltd, and Emanuel DaRosa (seated, right), CEO, SunTerra Energy Ltd, about to sign the financing agreement for SunTerra’s 50 megawatt Midnight Sun project. With them are SunTerra team members (standing, from left) Peter Townsend, legal counsel; Sherry DaRosa, marketing and communications; Troy Brennan, COO; and Fitzroy Vidal, director of project management and climate.
