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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/fayval-williams-steven-gooden-chris-guinta-energy-buzz-1024x631.jpg" alt="" class="wp-image-6362" /><figcaption><br> Science, Energy and Technology Minister Fayval Williams (centre), observes as NCB Capital Markets CEO, Steven Gooden (left), greets New Forest Energy’s CFO Chris Guinta, during a bond signing ceremony between the entities at the AC Marriott Hotel, in Kingston.</figcaption></figure>
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<p>Minister of Science, Energy and Technology
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.</p>
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<p>The Wigton Initial Public Offer (IPO),
which was oversubscribed by $9 billion, saw approximately 31,000 Jamaicans
purchasing shares. Additionally, it resulted in 11,000 new investors joining
the stock market.</p>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/wigton-windfarm-buzz-demo-1024x410.jpg" alt="" class="wp-image-6364" /><figcaption>Wigton Wind Farm in Rose Hill, Manchester (Photo contributed)</figcaption></figure>
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<p>“As an administration, we are serious about
providing wealth creation avenues for our people,” Minister Williams said.</p>
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<p>The minister was among several key speakers
at a bond-signing ceremony between NCB Capital Markets Limited and New Fortress
Energy (NFE), at the AC Marriott Hotel in Kingston, on Tuesday, August 27.</p>
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<p>Against the background of the Wigton IPO
response, Williams welcomed plans by NFE to issue a bond to raise US$185
million.</p>
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<p>The proceeds will be used to complete the
combined heat and power plant being built at Clarendon-based bauxite and alumina
refinery, JAMALCO.</p>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/jamalco-clarendon-buzz-demo-1024x682.jpg" alt="" class="wp-image-6365" /><figcaption>The JAMALCO facility in Clarendon (Photo contributed)</figcaption></figure>
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<p>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).&nbsp; </p>
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<p>“I believe that this move [bond issue] is
opportune and comes at a time when Jamaicans are bullish about investments. As
Energy Minister, I am pleased by the significant investment opportunities being
afforded to our people via the energy sector,” Williams continued.</p>
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<p>The Energy Minister further noted that NFE has been a good partner in further developing and diversifying Jamaica’s energy sector through the introduction of LNG in 2016 – where it was perceived by some that there was no opportunity.</p>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/lng-frst-andrew-holness-buzz-4-1024x683.jpg" alt="" class="wp-image-3679" /><figcaption>New Fortress' US$1 billion LNG-storage facility, FRST, off the coast of  St. Elizabeth (Photo: Don Waysome)</figcaption></figure>
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<p>She lauded the entity for again “taking a bold move” in presenting the bond issue investment option.</p>
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<p>“The Government of Jamaica’s partnerships
with New Forest and our many other stakeholders have gone a far way towards
ensuring that Jamaica’s energy supply is secure and sufficient to support
long-term economic and social development, and environmental sustainability,
which is in accordance with Goal No. 4 of our National Energy Policy,” Williams
stated.</p>
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<p>The extent of these developments, Williams
pointed out, include:</p>
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<ul><li>Conversion of the JPS’
114-megawatt energy plant in Bogue, St. James, to an LNG-powered facility.</li><li>Construction of a similarly
powered 190mw plant in Old Harbour Bay, St. Catherine, the JAMALCO facility,
and the South Jamaica Power Company.</li><li>As well as the commissioning of
the floating storage regasification terminal, “which strategically positions
Jamaica as a premier LNG hub in the region”.</li></ul>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/new-fortress-energy-old-harbour-lng-asset-1024x568.jpg" alt="" class="wp-image-6363" /><figcaption>Construction continues on the  190mw plant in Old Harbour Bay, St. Catherine (Photo: New Fortress Energy)</figcaption></figure>
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<p>Williams indicated that Jamaica is in line with the demand for and use of LNG, as globally, the trend is increasing. </p>
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<p>As the effects of climate change become more evident, governments across the world are working assiduously to reduce harmful emissions, while increasing access to affordable power for their citizens.</p>
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<p> </p>
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