US$6.9M for energy project

Azurest Consortium members.
Azurest Consortium members.

KINGSTON – The Azurest consortium said it would fulfil the US$6.9-million bond deposit required as preferred bidder for the construction of the 360 megawatt energy project — he largest single investment in the island.

The energy regulator, Office of Utilities Regulation, requires payment in the next two weeks otherwise the opportunity will cede to runner-up Energy World International to supply the project. The OUR insisted that it would not grant any extension.

Azurest will “absolutely” meet the financial requirement, stated Azurest managing director Kenneth Allen immediately following the OUR press conference held at the PCJ Auditorium in Kingston. He added that a team in the US was currently coordinating the transfer of funds.

The consortium includes Azurest Partners, a US-based business strategy/capital-raising firm; Cambridge Project Development Corporation, a US-based engineering, energy and environmental consultancy; Inergix Corp, a US-based energy sector-focused project management consultancy; and Waller Marine, a US-based ship engineering company.

“We are pleased to have been chosen by the Government of Jamaica. We think we have an incredible solution,” Allen added in a quick address to the media about its liquefied natural gas project.

The OUR indicated at the press briefing that none of the four shortlisted entities for the project met its financial threshold. The evaluation process, however, proceeded in the national interest to reduce electricity prices, currently amongst the highest in the hemisphere. (Jamaica Observer)

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