PRESS RELEASE | May 22, 2023
Brussels – On April 11, the Global Renewable Energy Mass Adoption Programme (GREENMAP) and the Generation Procurement Entity of Jamaica (GPE) have signed a Cooperation Agreement under which GREENMAP will work and give support to GPE to strengthen the design of the National Renewable Energy (RE) procurement programme and the successful implementation of the upcoming auctions.
GREENMAP will cooperate as a transaction adviser with the GPE in the design, deployment and implementation of the country’s RE Procurement Programme.
The main goals of the cooperation are:
- To successfully implement the first public auction to be launched in 2023 to procure RE generation capacity within the framework set by the Electricity Act 2015;
- To attract long-term investments, foster competition, and lower costs of RE generation through de-risking tools and strengthening the regulatory framework;
- To leverage the synergies among various partner organisations for a successful implementation of the national programme; and
- To attract additional funding from Multilateral Development Banks (concessional and non-concessional), institutional investors and philanthropies in support of the Government’s medium and long-term plan to scale up RE generation in the Country.
Both entities recognise the importance of working closely together to promote successful ways of attracting renewable energy investments into the country, at a lower cost through program-based de-risking solutions.
“We believe GREENMAP is the best advisor in this stage of our activities as they have an experienced team that has advised several countries in this capacity. We also are encouraged given their expertise in advising on renewable energy procurements in markets such as ours. Jamaica has signalled its commitment to an aggressive path to cleaner energy globally, and the Integrated Resource Plan (IRP) provides emphasis on the need for more RE capacity in keeping with Jamaica’s goal of 50% RE generation by 2030”, said Lennox Elvy, Chairman of the GPE.
“We are honoured and excited to support the Government of Jamaica to enhance the national renewable energy market in the country'', said Sebastian Kind, GREENMAP’s Chairman, and CEO. “This shows great commitment and represents an important step to transform the island’s energy mix while improving its energy security. This is a unique opportunity to make real progress towards a just energy transition for the country leveraging the abundant national resources'', he added.
Greenmap stands for Global Renewable Energy Mass Adoption Program and is an impact-driven and independent non-profit organisation. Greenmap focuses on accelerating the deployment of renewable generation in developing economies by directly supporting governments in the design and implementation of stable regulatory frameworks, competitive procurement processes, and new financial and credit enhancement tools, including program-based guarantees.
We focus on implementation to facilitate bankability, foster competition, and boost the local and foreign investments needed to materialise project installations, local economic and social development, and the reduction of GHG emissions.
The Generation Procurement Entity of Jamaica (GPE) is the national entity established by the Electricity Act 2015, as appointed in January 2020 by way of Cabinet Decision No. 1/20, to administer the procurement of new generation capacity and manage the replacement of generation to meet the national generation demand prescribed by the national Integrated Resource Plan (IRP).