29088 - JPS Co. II

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

29088

Company Name

Jamaica Public Service Company, Limited

Date SPI Disclosed

May 28, 2010

Country

Jamaica

Industry

Infrastructure

Projected Board Date

Jun 30, 2010

Status

Completed

Sector

Energy Efficiency

Department

Regional Industry INF LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Oct 21, 2010
Signed : Dec 8, 2010
Invested : Dec 22, 2010

Project Description

Jamaica Public Service Company (“JPSCO”) is an integrated electric utility company and the sole distributor of electricity in Jamaica. The Company is engaged in the generation, transmission and distribution and supply of electricity, and also purchases power from Independent Power Producers. The project is part of JPSCO’s five year capital expenditures plan which includes: (i) system loss reductions programs aimed at complying with newly reset efficiency levels, reducing the cost of electricity, and curbing GHG emissions; (ii) new investments in renewable energy (small wind and hydro) sources that aim to reduce the exposure to oil price and lower GHG emissions; and (iii) other general and maintenance expenditures related to generation, transmission and distribution assets.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity

Development Impact

The project’s expected Development Impact are as follows: (i) reduce overall levels of system losses, thereby improving overall system efficiency, reducing carbon footprint, and dampening the need for new generation; (ii) expand generation capacity through small hydro and wind hence providing fuel diversification sources to the country and resulting in savings in imported fuel and reduction of CO2 emissions; (iii) create employment through the new generation facilities plants (wind and hydro) and train local personnel into energy efficiency and renewable energy aspects; and (iv) significantly enhance safety standards by providing households with proper wiring of their homes, and reliable and efficient metering and distribution networks.

IFC’s expected additionality entails: (i) providing global knowledge in energy efficiency, as well as technical industry standards, capabilities buildings, and other value-added services; (ii) closely monitoring operational performance against sector benchmarks and provide mechanisms to ensure continued commitment to system improvements; (iii) supporting the introduction of renewable energy sources into Jamaica's power generation mix, thus reducing exposure to oil price volatility and adding new capacity without increasing greenhouse emissions; and (iv) offering global expertise and standards in wind and hydro and offer value-added services in the renewable space.

JPS Co is aware of the key environmental and social risks surrounding the management of its aging power infrastructure, as well as the development of new generation assets, and has an appropriate assessment and management system in place to ensure adequate performance. Pollution prevention and abatement issues for this repeat category B investment include: air emissions from its four existing thermal power stations; wastewater discharges associated with the Old Harbour and Hunts Bay power stations; and disposal of legacy PCB-containing equipment throughout the electricity transmission and distribution system. For the new Munro Wind and Maggoty Hydro renewable energy developments, the respective EIAs recommend a number of mitigation measures to minimize these and other impacts in both construction and operation phases. Going forward, JPS Co will adopt IFC’s Performance Standards as part of the legal and other requirements that apply to company-wide operations.

Contacts

For Inquiries About the Project, Contact

Mr. Dan Theoc Vice President - Finance Jamaica Public Service Company Limited 6 Knutsford Boulevard Kingston 10 Jamaica WI Telephone: 1 (876) 935-3570 Fax: 1 (876) 511-2009 E-mail: dtheoc@JPSCO.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

Jamaica Public Service Company Limited 6 Knutsford Boulevard Kingston 10 Jamaica WI Telephone: 1 (876) 935-3570 Fax: 1 (876) 511-2009 www.JPSCO.com

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer