“We are extremely pleased to announce this important financing milestone
for our Philippines projects, which represents a strong statement of support
for EWC's strategy to bring clean and green energy to Asia by one of the
Philippines' leading financial institutions. We look forward to working in
close cooperation with the DBP and other local and international lenders in
finalising this project financing transaction in the coming months”
CEO and Chairman of EWC Stewart
Elliott, commenting on the loan agreement with the DBP (Development Bank of
Philippines)
Great News for those worried about Jamaica’s Energy future under Hong
Kong based EWI (Energy World International), especially as it relates to the
construction of the 360 MW LNG Power Plant!
They’ve finally secured some US$550 million in loans from the DBP (Development
Bank of Philippines) as stated “Energy
World Corporation secures financing with Development Bank of the Philippines”,
published Friday, April 11, 2014, The
Jamaica Observer.
This represents 74.62% of the original US$737-million price-tag that EWI
estimated for the construction of the 360 MW LNG (Liquid Natural Gas) Power
Plant. The agreement apparently had been signed with the DBP in Manila,
Philippines on Friday 28th February 2014. With this agreement,
securing supply contracts for the 300,000 tonnes of the LNG needed to fuel the
LNG Power Plant.
Opposition Spokesman on Energy
Karl Samuda Concerns – Conflict of Interest in EWI and EWC ownership
This should help to ease any suspicions that members of the JLP (Jamaica
Labour Party) led Opposition, especially Karl Samuda, has about EWI and CEO and
Chairman of EWC Stewart Elliott as also pointed out by the Traditional Media
Houses and most recently by The
Jamaica Observer’s Caribbean Media Report
EWI Board owns 334,572 million shares of EWC (Energy world Corporation),
a publically listed company. Interestingly too, CEO and Chairman of EWC Stewart
Elliott also owns EWI, the local Jamaican Consortium that was formed to bid for
and build the 360 MW LNG Plant and has some 639 shares of EWC. Not sure why
this is a big deal, save for the fact it suggests that CEO and Chairman of EWC
Stewart Elliott has his fingers in more than one pie, being both Owner of EWI
and CEO and Chairman of EWC.
Conflict-of-interest issues may be the case that Caribbean Business
Report and other Traditional Media houses are trying to make, as he can easily
influenced decision making if he sits on the Boards of 2 separate companies,
suggesting he's not of reputable character, a big issue among shareholders
worried about their investments in such companies.
EWI business is as follows:
1. Development,
Building and operating in property
2. Managing
infrastructure
3. Power
generation
4. Electrical
Energy projects
Our deal with EWI should sooth some passions though:
1. 50%
payment and takeover should EWI default on the Construction of the Power Plant
or meet the agreed Criteria
2. 15%
control of the Power Plant after 20 years
With the 20 year PPA (Power Purchase Agreement) and a partnership deal
forged with JPS Co (Jamaica Public Service Company Limited) to build the 360 MW
Power Plant under their belt one month later as described in my blog article entitled
“JPS
Co and EWI forge deal to build 360-MW LNG Plant together - The Wolf of Wall
Street makes an American Hustle to Energise Jamaica's Energy Future” , this
Plant is looking more and more to be completed within the required timeframe.
Especially as word is now wafting about that suggests that the Power
Plant may be split in two (2) as a means of increasing the level of Redundancy,
with one Plant located in Bull Bay, St. Thomas and the other in Bogue, St.
James as stated in my blog article
entitled “EWI
Plant to have 2 LNG Plants - LNG Plant Banana Split between St. James and St.
Thomas may mean LNG Fuel coming for Large companies and Auto LPG for JUTC to
reduce fuel costs”.
115 MW Renewable Energy
Projects too small – Renewable Energy can power the Entire Island
Personally, I’m awaiting word of the progress with the Bidders who’d also
been awarded Licenses for the 115 MW of Power from Renewable Energy sources
which occurred around the same time as the EWI’s award as chronicled in my blog article
entitled “360
MW LNG Power Plant and 115 MW Renewable Energy Project Bidders have submitted
Bids - Congratulations to the Energy Bidders as Liberated Energy Sector is
Power to the People”.
The total Renewable Energy thus far is 78MW, or 67.83% of the total
amount as stated in my blog article
entitled “Wigton
Wind Farms Limited submits Bid Bond for 24MW Wind Farm - 78MW Total from WWFL,
BMR and WRB Enterprises Inc means were 37MW short on Renewable Energy”,
which is currently being supplied by the confirmed bidders as follows:
1. WWFL
(Wigton Wind Farms Limited) is providing 24MW of Wind Energy
2. BMR
(Blue Mountain Renewables) is providing 42MW of Wind Energy
3. WRB
Enterprises Inc is providing 20MW of Solar Power
There is still a shortfall of some 37 MW of Power, with no official
announcements of any additional Bidders or current Bidders stepping forward to
fill that Gap.
This as in my eyes, Renewable Energy is of greater importance than the
360 MW Plant. It has the greatest potential to not only just save on the
importation of Fossil Fuels but ultimately power the entire island as argued in
my blog article
entitled “June
on El Hierro, Canary Island's smallest Island to become the first Territory to
go 100 percent Renewable - Canary Island makes many wonder if the same isn't
possible in the Caribbean”.
Manufacture and production of our own Solar Panels in partnership with
Cuba as it relates to using Solar Panels to connect the last 3% of Jamaica as
described in my blog
article entitled “Jamaica
and Cuba collaborate on Solar Panels Production in Jamaica to connect the last
3% - Jamaica's rebranding of the REP to the JESL started the Alternative Energy
Hunger Games Catching Fire” should also be extended as an option to the
rest of Jamaica that wants a low-cost way to come off the JPS Co Grid
altogether.
As it relates to Renewable Energy, the Ministry of Science, Technology,
Energy and Mining is thinking a bit too small in just using Renewable Energy to
reduce our Oil Importation Bill. I await more information on the 115 MW
Renewable Energy Licenses and even its expansion even as I celebrate the 360 MW
Project showing further signs of life to renew my faith.
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