Emerging and Growth Markets | February 12, 2024

IDB Invest directs $100 million to modernize Jamaica’s electricity grid

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 12 – Jamaica’s energy utility Jamaica Public Service Co. has been working in recent years to improve the reliability of the island country’s power supply. IDB Invest will support continued grid modernization, as well as renewables, energy storage and EV charging with $100 million in fresh investment capital.

The catalytic investment group of the Inter-American Development Bank brought $50 million from regional commercial bank CIBC Caribbean into the transaction

IDB Invest’s investment pillars include supporting clean, climate-resilient energy access in Latin America and the Caribbean. This year, it has backed three other energy deals in the region, including a green hydrogen project in Paraguay, a solar-hydrogen power plant in Barbados and grid modernization in the Caribbean region of Colombia.