MIDNIGHT SUN ENERGY – Jamaica Observer

Renewables firm SunTerra Power Jamaica Restricted has secured financing from Rosh Growth to execute its 50 megawatt (MW) Midnight Solar venture to be constructed on greater than 200 acres of land in Duncans, Trelawny.

The landmark venture, anticipated to interrupt floor inside the subsequent three months, is poised to turn out to be Jamaica’s largest photo voltaic farm and the second-largest within the Caricom area. As soon as operational, it should ship roughly 130 GWh of unpolluted vitality yearly — about 4 per cent of the island’s complete electrical energy wants. The vitality generated might be bought to Jamaica Public Service Firm (JPS) beneath a 20-year energy buy settlement (PPA), and is projected to save lots of the nation greater than US$20 million per 12 months in vitality prices.

SunTerra CEO Emanuel DaRosa hailed the funding as a big step in Jamaica’s transition to scrub vitality.

“Rosh Growth Ltd has performed an instrumental position in serving to us transfer from imaginative and prescient to execution. Ravi Rochlani and his workforce believed within the promise of this venture from the beginning, and their funding has allowed us to take the crucial subsequent steps towards building,” he stated.

DaRosa, in responding to queries from the Jamaica Observer on Wednesday, declined to reveal the precise worth of the present funding which was initially introduced as a US$60-million venture to be financed via a mixture of debt and fairness. He, nonetheless, confirmed that the funds secured are enough to help crucial pre-construction phases, together with detailed engineering, regulatory approvals, and business negotiations.

“The funding might be focused in direction of de-risking and making ready the venture for building. It ensures that each one pre-construction milestones, together with last design, EPC contract execution, PPA finalisation with the JPS, and debt association with our lenders might be achieved. The total building financing might be finalised nearer to our focused begin in July 2025,” he informed BusinessWeek.

Lauding Rosh Growth as a trusted and forward-thinking companion, the CEO stated their workforce possesses “a powerful native perception and a monitor report of sensible investments and the agility to maneuver swiftly”, attributes he believes align completely with SunTerra’s timeline and objectives”.

The entity approaching board as an preliminary investor of the landmark venture stated it expects that the funding being made accessible will assist SunTerra to construct one thing that might be really impactful for the nation and the area.

As a non-public funding firm, Rosh Growth beforehand had a powerful deal with the native actual property business however had since shifted numerous this to vitality.

“We’re thrilled to be the preliminary investor within the Midnight Solar Mission. From the onset, we noticed the immense potential of this initiative, not solely when it comes to clear vitality manufacturing and environmental influence however within the long-term transformation of Jamaica’s vitality panorama,” stated Rochlani, CEO of Rosh Growth.

The Midnight Solar idea, developed over two years, goals to offer dependable 24-hour energy to the grid. The photo voltaic plant is to be powered by state- of-the-art, cutting-edge expertise backed by the set up of greater than 114,000 HJT 2.0 photo voltaic panels, to be provided by Risen and/or Hausun, and 55MW of SunGrow excessive efficiency inverters. The farm is conveniently positioned subsequent to the JPS energy grid in Trelawny.

The venture stands as one in all two profitable proposals final 12 months awarded by Authorities beneath its request for proposal to provide as much as internet 100MW of electrical energy technology from renewables on a construct, personal and function foundation.

Following its profitable bid, SunTerra had indicated that its long run imaginative and prescient was not solely to generate vitality however to cut back greenhouse fuel emissions by greater than 80,000 tons of CO2 yearly.

Building of the massive farm is anticipated create roughly 300 jobs with round 60 long-term positions as soon as operational.

SunTerra, having already secured land, stated the venture — rolled out as a part of its broader technique to rework the native vitality panorama — will allow it to provide as much as 15 per cent of the nation’s renewable vitality necessities.

Constructing on the successes of this venture, the inexperienced vitality options supplier can also be hoping to pave the best way for future phases that can embody battery storage capabilities.

“We have been actively growing a pipeline of future tasks throughout Jamaica and the Caribbean. These embody potential solar-plus storage developments and alternatives to offer 24-hour clear vitality to the grid. We’re additionally exploring markets like Barbados, The Bahamas, Antigua, Guyana, and St Lucia the place related photo voltaic circumstances and vitality insurance policies make renewable tasks each viable and very important,” stated DaRosa, a former CEO of JPS.