CEO of SunTerra Energy Jamaica Limited Emmauel DaRosa converses with an IDB Invest representative and construction partners at the Midnight Sun project site in Duncans, Trelawny.
Renewables firm SunTerra Energy Jamaica Limited has secured additional financing from IDB Invest to support its flagship 50-megawatt (MW) Midnight Sun project in Trelawny, which is set to become one of Jamaica’s largest solar farms when completed.
In a recent notice, the company indicated that after an extensive negotiation process, it chose to proceed with IDB Invest as its prospective financing partner.
“IDB Invest, part of the Inter-American Development Bank Group, is one of the world’s most respected development finance institutions, recognised for its extensive track record in supporting transformative infrastructure and renewable energy projects across Latin America and the Caribbean. Their involvement underscores the scale, credibility, and impact of Jamaica’s largest planned solar farm,” the company said.
“We’re now set with financing. This is a very large project, so we needed to secure the right funding partners and with IDB Invest on board, we are now good to go,” Sherry DaRosa, vice-president of communications, people, and culture at SunTerra told the Jamaica Observer, while noting that with project timelines remaining on track, the team continues to work towards delivery as planned.
Earlier this year SunTerra also secured investment from the Ravi Rochlani-led Rosh Development Limited. Initially estimated at US$60 million, the project is being financed through a mix of debt and equity.
While equity financing has already been secured by SunTerra and its partners, IDB Invest is expected to provide up to 80 per cent of the project’s financing, pending a successful due diligence completion.
“SunTerra remains fully committed to working closely with IDB Invest through the remainder of the process to address any final requirements and secure this landmark investment,” SunTerra directors noted.
As part of the due diligence process, IDB Invest has already conducted two site visits. The first, carried out by its environmental and social team which assessed the project’s compliance with international environmental and social safeguards. The second was led by an independent engineer who evaluated technical readiness.
“Both visits went smoothly, with no major issues raised, representing encouraging progress toward final approvals,” the directors also indicated.
The Midnight Sun concept, developed over two years, is designed to provide reliable, 24-hour renewable power to Jamaica’s national grid. The plant to be installed will feature more than 114,000 HJT 2.0 solar panels, supplied by Risen and/or Hausun, and 55MW of high-performance SunGrow inverters. Conveniently located adjacent to the JPS power grid in Trelawny, the project was one of two winning bids selected by the Government of Jamaica under its request for proposals to supply up to 100MW of renewable energy on a build-own-operate basis.
Once operational, the landmark project is also set to deliver 50MW of clean energy to the grid while helping to reduce reliance on imported fossil fuels, cut carbon emissions, and improve national energy security. It is expected to generate more than US$20 million in annual energy cost savings for the country.
“What may look like an open field today will soon be a cornerstone of Jamaica’s clean energy transition,” said Emanuel DaRosa, CEO of SunTerra Energy Jamaica Limited. “We are proud to partner with such a respected institution as IDB Invest and encouraged by the progress we have made together toward financing and delivering this project.”
SunTerra says it remains fully committed to working closely with IDB Invest throughout the remainder of the process to address any final requirements needed to secure the landmark investment.
