Science, Energy and Technology Minister, Fayval Williams, says the overwhelming response to the sale of shares in Wigton Windfarm to the public by the Government, clearly demonstrates that Jamaicans have the appetite to invest in the energy sector.
The Wigton Initial Public Offer (IPO), which was oversubscribed by $9 billion, saw approximately 31,000 Jamaicans purchasing shares and resulted in 11,000 new investors joining the stock market.
“As an Administration, we are serious about providing wealth creation avenues for our people,” the Minister said.
Speaking at a bond-signing ceremony between NCB Capital Markets Limited and New Fortress Energy (NFE), at the AC Marriott Hotel in Kingston, this week and against the background of the Wigton IPO response, Mrs. Williams said plans by NFE to issue a bond to raise US$185 million is welcome.
The proceeds will be used to complete the combined heat and power plant being built at Clarendon-based bauxite and alumina refinery, Jamalco.
The Liquefied Natural Gas (LNG)-powered facility, which is slated for completion in 2020, will supply steam for the refinery’s operations and electricity to the Jamaica Public Service Company (JPS).
Noting that NFE has been a good partner in further developing and diversifying Jamaica’s energy sector through the introduction of LNG in 2016, where others perceived that there was no opportunity, Mrs. Williams said the entity is again taking a bold move in presenting the bond issue investment option.