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Renewable Energy

Jamaica Looking To Attract Investments To Supply Five-Year Energy Needs



Minister of Science, Energy and Technology, Hon. Fayval Williams, says Jamaica is ready to move to the next phase of investment plans to supply the country’s first five years of energy needs under the recently completed Integrated Resource Plan (IRP).

This comprises 320 megawatts (MW) of wind and solar; 120 MWs of liquefied natural gas (LNG); and 74 MW of hydro, waste to energy and/or biomass.

The IRP sets out Jamaica’s 20-year plan for the electricity generation sector.

“It takes into consideration our outlook on economic growth and development and the demand for energy over that period of time.

Recently, we took to Cabinet the first five years of that 20-year [plan] in terms of the need for additional capacity, and that was approved,” she noted.

Mrs. Williams was speaking on Thursday (July 30) at a webinar titled ‘Jamaica: Scaling up Investments in Clean Energy’ hosted by the Jamaica Promotions Corporation (JAMPRO) in partnership with New Energy Events.

She told the potential investors in attendance that the procurement process to acquire the additional generating capacity will be “open and transparent” and will be managed by a Board that recently got a new chairman.

“It has a secretariat and they are in the process of getting the technical assistance that will allow them to develop the specs or the request for proposal (RFP) and begin that process of going to market,” she noted

“It will be very transparent. There is very low political risk as well, meaning that contracts that are signed as a result of this process will be long-term contracts that will survive different administrations. Jamaica has a reputation of honouring contracts, so there should be absolutely no questions with regard [to] that whatsoever,” Mrs. Williams noted.

She said that Jamaica is committed to generating half of its energy supply from renewables by 2037, with an overall target of 1,664 MWs.

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Renewable Energy

PriceSmart Introduces A New Generation Of Smart-Shopping Green Clubs.



“The Portmore building, with 4,200 square metres of sales floor on 20,000 square metres of land, was constructed with PriceSmart’s Green Club concept in mind.

The Green Club concept is aligned with our beliefs and commitment to be good stewards of the environment, mitigating our impact and being market leaders in building facilities that serve as models for innovation. PriceSmart’s initiative to use solar panels has reduced CO2 emissions by 19,784 tonnes. The decrease in this carbon footprint is equivalent to saving 42,850 trees. Additionally, an intelligence system will be employed to control power to lighting and air conditioning equipment that will allow us to remotely monitor the club’s energy consumption.

PriceSmart members can be assured that its environmental impact will be monitored closely by the company’s environmental, social and governance department, which assures that stores across all markets continuously work to adapt and mitigate the impacts of climate change.

We have introduced a new generation of smart-shopping clubs. The building utilises LED lighting solutions that offer energy savings, higher versatility in installation and a reduction in maintenance and replacement cost due to the extended lifespan. Sensor lighting for our administrative offices also assists with reducing our energy consumption. In fact, PriceSmart has installed solar arrays in 30 more clubs in nine countries. These include Barbados, Nicaragua, Aruba, Dominican Republic, Panama, Costa Rica, Colombia, Guatemala and Red Hills [Road] in Jamaica.”

Dhanraj Mahabir, senior vice-president for operations at PriceSmart locations in Jamaica, Trinidad, Barbados, US Virgin Islands and Aruba.

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Businessuite News24 International

IDB Financed a Record $4.5 Billion in Climate Change-Related Activities



IDB Launches 2021 Sustainability Report Focused on Integrated Climate Action

Last year, the Inter-American Development Bank (IDB) financed a record $4.5 billion in activities related to climate change, according to its 2021 Sustainability Report. These resources, which account for 30% of the Bank’s total annual approvals, are benefiting the region through loans, grants, technical cooperation, guarantees, and equity investments.

The report highlights IDB’s unique integrated approach to sustainability in its governance, strategy, policies, and project cycle, leading climate action devoted to jobs generation and socioeconomic benefits, disaster-risk management and resilience, biodiversity, and innovative financing tools under a gender and diversity-inclusion focus.

“In today’s IDB, we believe in the urgent need to move past climate change diagnosis and significantly ramp up our efforts to tackle it. If we and our member countries do so, Latin America and the Caribbean is poised to become the world leader in addressing an issue that knows no borders,” IDB President Mauricio Claver-Carone said.

The report showcases projects and publications on sustainable development in the region financed and coproduced by IDB. It highlights the consistent decrease in the greenhouse gas (GHG) footprint of the Bank’s lending portfolio, among other metrics, its projects’ disaster and climate change risks, and the application of its environmental and social policies.

In 2021, the IDB achieved important milestones under its sustainability framework. At COP26 (United Nations Climate Change Conference) in Glasgow, the Bank announced its commitment to align all operations with the Paris Agreement starting in 2023, and to provide $24 billion in climate and green financing during the 2022–2025 timeframe. Additionally, multilateral development banks (MDBs) led by IDB at COP26 released a Joint Statement on Nature, People, and Planet. The document commits to mainstream nature into policies, analysis, and investments.

Likewise, IDB’s new Environmental and Social Policy Framework (ESPF) took effect on November 1, 2021, setting ambitious new standards to help clients tackle environmental and social issues. IDB is leading the development of a regional platform on climate change for finance ministries, a network to promote a shared understanding of their role in the climate agenda.

The Bank’s Board of Directors also approved the Amazon Initiative, devoted to mobilizing public and private resources to forge and implement sustainable development models based on human capital, natural wealth, and the cultural heritage of the Amazon region.

The report includes a Global Reporting Initiative (GRI) annex that sets global standards for sustainability reporting, relying on best practices for reporting on a range of economic, environmental, and social impacts.

Climate change action is one of the priority areas of Vision 2025: Reinvest in the Americas, IDB’s blueprint for Latin America and the Caribbean’s post-pandemic recovery and sustainable and inclusive growth.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.

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Taking Stock LIVE – Electric Car Sales Company Comes To Jamaica



On this episode of Taking Stock…Jamaica’s Electric Vehicle market is getting a jolt! Two Jamaican-Canadians are launching Flash Motors to sell electric vehicles, service equipment, and charging networks in Jamaica and across the Caribbean. And Wigton just bought up a 21-percent stake in the company. Talk about a game changer! The Flash team will tell us all about it.

And THE ANALYSTS weigh in on the latest market developments… Now that the entertainment sector is back up, will we see a rise in entertainment stocks such as Main Event and KLE? EduFocal stock jumped 200-percent in its first week on the Jamaica Stock Exchange… why? And Honey Bun is reporting a 31 percent increase in net profit for its first quarter. We’ll discuss.

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Businessuite Markets

Solar Products Grow By 157%, Pushes 2021 Results



Financial Highlights
• Revenues was $2,351 million – Up $455 million or 24% compared to the prior period’s $1,896 million
• Gross profit was $1,043 million – Up $218 million or 26% compared to the prior period’s $825 million
• Net profit was $199 million – Up $74 million or 59% compared to the prior period’s $126 million
• Earnings per stock unit was $0.40 – Up $0.15 or 60% compared to the prior period’s $0.25

Income Statement


During the year, the company generated income of $2,351 million compared to $1,896 million for the prior year. An increase of $455 million. Gross profit for the year was $1,043 million compared to $825 million for the prior year, an increase of $218 million. The product lines that had significant increases over the prior
year were Solar Products, which grew by 157%, Control Devices which grew by 55%, PVC Products, which grew by 45% and Wiring Devices which grew by 37%. These increases were achieved despite the reduced number of days that the stores were opened in August, due to the increased number of lockdown days enforced by the government as part of their Covid-19 strategy.

During the year we experienced a mix of fluctuations in volume and price increases. Price increases were driven by escalating copper and PVC ingredient prices on the international market and increased shipping costs.

Administration Expenses

Administration expenses for the year was $632 million, reflecting an increase of $126 million on the prior reporting year’s amount of $506 million. There were increases in staff related costs for salary adjustments, increased sales commission due to improved sales performance and improvements in staff benefits,
increased staff training cost with the launch of the new FosRich Corporate University and utilities, increases in the costs associated with our PVC manufacturing, increased selling, marketing and travelling costs, and increased occupancy cost due to the commencement of obligations in January for the second Hayes, Clarendon factory building and increased depreciation and amortisation charges. Decreases were driven primarily by reduced professional fees.

Finance Cost

Finance cost for the year was $185 million compared to $160 million for the prior year, an increase of $25 million. This increase is being driven by increased financing obtained to assist with the financing of operations. This new financing was obtained at more favourable rates than the previous bank facilities.
There were also increases in receivables impairment provisions of $44 million compared to the $32 million increase for the prior year.

Net Profit

Net Profit generated for the year was $199 million, an increase of $73 million or 59% over the $126 million reported for the prior period.

Earnings Per Stock Unit

Earnings per stock unit was $0.40 compared to $0.25 in the prior year, reflecting an increase of 60%.

Shareholders’ Equity

Shareholders’ equity now stands at $1,016 million, up by $147 million from $869 million on 31 December 2021. The net increase arose primarily as a result of retained profits for the year amounting to $199 million, net of dividend paid amounting to $52 million. We now have 1,753 shareholders, an increase of 358 or 26% on the 1,395 on 31 December 2020.

Cecil Foster Managing Director FOSRICH Company Limited

More Information FosRich-Dec-2021-MDA.pdf (

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Future Energy Source (FESCO) Secures JA$1B Debt Financing By Way Of Five (5)-Year Corporate Bond.

“FESCO represents one of the several initial public offers we would have brought to the market in the last 24 months. Our relationships with our clients are on-going and we continuously work with our clients to develop suitable options to meet their capital needs. The J$1 billion bond is such an example. This underscores our commitment to doing more for our clients and the capital markets at large” stated Nicholas Dawson- Investment Banking Manager of Origination and Structuring at NCBCM.



The bond is to be listed on the Private Market of the Jamaica Stock Exchange, with NCB Capital Markets Limited (NCBCM) acting as Arranger, and JCSD Trustee Services Limited as Trustee. The facility is for an aggregate principal sum of One Billion Jamaican Dollars (J$1,000,000,000.00).

The proceeds will be utilized for general corporate purposes that support FESCO’s growth objectives, including working capital, operating expenses and capital expenditure related to the:

1. Expansion of its dealership network and service station footprint; and

2. Entry into the consumer cooking gas/LPG market, an objective outlined in its Prospectus.

The facility offered by NCBCM is compatible with the business’ growth plans and sustainability strategies.

“FESCO represents one of the several initial public offers we would have brought to the market in the last 24 months. Our relationships with our clients are on-going and we continuously work with our clients to develop suitable options to meet their capital needs. The J$1 billion bond is such an example. This underscores our commitment to doing more for our clients and the capital markets at large” stated Nicholas Dawson- Investment Banking Manager of Origination and Structuring at NCBCM.

Future Energy Source Company Limited is a Jamaican-owned fuel marketing company operating since 2013, licensed to market and distribute petroleum products in Jamaica with a network of sixteen (16) service stations.

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