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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Jamaica Energy Partners
Project ID
1513
Fiscal year
1997
Status
Not Active
Guarantee holder
McDonnell Douglas Finance Corporation
Investor country
United States
Host country
Jamaica
Sector
Power
Gross exposure
 $14.4 million
Project type
Non-SIP

MIGA consolidated its involvement in the power sector in Jamaica by insuring McDonnell Douglas Finance Corporation of the United States for its $9.6 million loan to Jamaica Energy Partners, L.P. (JEP),a 74-megawatt, barge-mounted diesel power plant at Old Harbour. The loan refinances a previous shareholder loan to the project by Metra Finance Oy AB of Finland. MIGA's $14.3 million guarantee covers McDonnell Douglas's loan against the risks of expropriation, transfer restriction, and war and civil disturbance.

JEP is the second privately financed power plant to supply Jamaica's national grid. (MIGA previously issued guarantees to investors in JEP and in the first foreign private power facility, at Rockfort.) JEP was constructed in nine months and began producing power in the second half of 1995, eliminating the high costs of acute power shortages. IFC has provided debt financing to JEP.

 
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