First Look

Jamaica Private Power Company acquired by Israeli Power Subsidiary

| 2014-06-02 00:00:00

IC Power, an international subsidiary of Israel Corp. Group engaged in the power generation business, with operations in Latin America and Israel, now owns 100% of Jamaica Private Power Company (JPPC).

JPPC, an independent power producer that generates and sells its entire capacity to the Jamaica Public Service, made the announcement.

The recent transaction allows IC Power to increase its share in JPPC from 15.5% to a 100% after acquiring the additional 84.5% stake from AEI Power Ltd.

According to Ingrid Christian-Baker, CEO of JPPC: "This transaction complements IC Power's strategic plan to establish itself as a major player in the power generation business in Central America, the Caribbean, as well as in South America."

“With this deal our team at JPPC and our clients stand to benefit from IC Power’s well established track record operating and maintaining power plants, as well as developing greenfield projects of different types of technologies. For Jamaica, the company has also indicated an interest in exploring investment opportunities including the possibility of developing a wind project which would help to diversify Jamaica's generation capacity by adding more renewable power to the country's energy mix.” she explained further.

IC Power has also built a solid track record with its focus on local development, with a preference for recruiting experienced local talent, and making the most of domestic and natural resources available.

The JPPC acquisition is in addition to recent acquisitions in Nicaragua (185MW) as well as its latest investments in Colombia (Surpetroil 17 MW); Chile (Central Colmito 58 MW); Peru (600 MW Nodo Energetico del Sur) and Las Flores (193 MW Plant).

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