The Inter-American Development Bank (IDB) will provide US$43 million in financing towards the $56 million needed for SunTerra to build Jamaica's largest solar plant by February 2026.
The project is being spearheaded by Mscale through the Caribbean Venture Capital Fund, which recently acquired a 10% stake in SunTerra Energy.
The company will develop a 50-megawatt solar park supported by 80-megawatts of solar panels.
Construction will unfold in two phases, with plans to eventually expand the facility to 200-megawatts with battery storage.
Once completed, the plant is expected to supply up to 12% of Jamaica's electricity at a cost of just US$0.05 per kilowatt hour, far below the current average of US$0.30.
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