The Old Harbour Bay plant operator has closed a US$162 million , with strong investor demand and a lower average financing cost.
Loan, bond and guarantee
South Jamaica Power Company has completed a US$162 million arranged by Scotia Investments Jamaica, according to the Jamaica Observer. The transaction lowers its weighted average financing cost. The new borrowing rates and amount saved were not disclosed.
The package combines a US$107 million eight-year loan, a US$20 million ten-year bond and a US$35 million . Loans and bonds provide borrowed funds, while the is a contingent bank guarantee payable under specified conditions.
Scotia Investments served as sole and . Bank of Nova Scotia Jamaica underwrote the loan, which was before closing, distributing participation among lenders. The transaction account says demand reached 1.49 times the loan amount and 1.5 times the bond amount.
Those demand ratios indicate that both funded facilities were .
A major electricity asset
The supports the company operating the 194-megawatt natural-gas plant at Old Harbour Bay, St Catherine. It supplies electricity through a long-term with JPS and represents approximately a quarter of Jamaica’s net generation capacity, according to the report.
The plant entered service in December 2019 at a reported development cost of US$330 million, replacing heavy-oil generation. Its configuration uses heat from gas turbines to produce steam for additional generation.
The plant’s long-term provides the contractual setting for electricity sales. No customer tariff change was reported with the .
and the credit assessment
CariCRIS’s May 15, 2026 assessment carried a stable outlook, with regional foreign- and local- ratings of CariA- and CariA, and Jamaican of jmA+ and jmAA-. The regional and national scales use different reference markets.
The assessment identified the upcoming as a potential downgrade risk. Completing the transaction removes uncertainty about whether this particular financing package would close, but the company still has obligations to service and operating conditions to manage.
