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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 Private Power Company Limited
Project ID
2286
Fiscal year
1995
Status
Not Active
Guarantee holder
Energy Investors Funds II, L.P.
Hydra-Co Enterprises, Inc.
USEC-Precursor, Inc.
Rockfort Power Associates
International Energy Partners L.P.
Investor country
United States
Host country
Jamaica
Sector
Power
Gross exposure
 $50.0 million
Project type
Non-SIP

In five separate guarantee contracts, MIGA insured a major portion of the equity investment in the construction and operation of a 60 MW diesel power plant in Jamaica. The project enterprise, Jamaican Private Power Company (JPPC), will be located near the Kingston harbor in Rockfort. Total investment in the project is estimated at $144 million. The equity portion accounts for $35.7 million, and the remainder will be financed by long-term debt provided by the Private Sector Energy Fund, which is partly funded by the IBRD and the Inter-American Development Bank. MIGA has issued insurance for the equity contributions of Hydra-Co Enterprises Inc.; International Energy Partners; USEC-Precursor Inc.; Rockfort Power Associates; and Energy Investors Funds II, L.P. MIGA guarantees of a combined amount of $50 million cover the risks of expropriation, currency transfer, and war and civil disturbance.

 
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