Abu Dhabi energy firm buys stake in Jamaica hydro utility

Abu Dhabi National Energy Co. (TAQA) has acquired a 50 percent stake in the Caribbean portfolio of Marubeni Corp., including 40 percent of Jamaica Public Service Co. (JPSC) and its eight small hydroelectric plants totaling 21 MW.

The US$320 million deal forms a joint venture portfolio of equity stakes in generation and transmission facilities totaling 2,300 MW in Jamaica, the Bahamas, Trinidad and Tobago, and Curacao.

Marubeni held an 80 percent stake in JPSC, now divided into 40 percent shares with TAQA. The government of Jamaica retains 20 percent.

JPSC received approval in 2008 to expand the 6-MW Maggotty hydroelectric project by 6.3 MW. (HNN 11/19/08)

Studies have indicated there is potential for about 11 additional hydro projects in Jamaica totaling 25 to 30 MW.

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