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The cost of Jamaican power utility JPS's 360MW thermo plant will reach some 52bn Jamaican dollars (US$600mn), the company said in a statement.
Last week, the country's Office of Utilities Regulation awarded JPS the right to build the plant under a call to supply up to 480MW new generating capacity.
JPS majority shareholders Marubeni and Korea East West Power will establish a corporation to implement the project, with the utility as minority partner, added the utility. "The plan is for the construction of a new power plant in Old Harbour Bay, St Catherine, which will burn natural gas, with diesel as backup fuel."
The new capacity is scheduled to come online in 2014 and will displace close to 300MW of aged plants with the remainder to cover load growth.