no hype, but is it in another pipe?, page-18

Hi Shamish and ……

EWI’s apparent successful tender for the 360 MW power plant in Jamaica may have nothing (!!!???) to do with EWC. Nevertheless, the same executive directors ‘operate’ both companies and, as part of the granting of the operating licence and the due diligence undertaken by the Jamaican authorities, all EWI subsidiaries, and that does include EWC, were closely looked at in terms of performance, profitability of projects etc. Consequently, at the very least, the most recent (less than 1 month ago) assessment of EWC’s projects, the Jamaican authorities seem to be satisfied that EWI can successfully manage its subsidiaries (incl. EWC), as well as handle a new project.

Below a copy of the 18 March, 2014 Jamaican Gleaner report.



Published: Tuesday March 18, 2014 | 9:24 am

Arthur Hall, Senior News Editor (Jamaica Gleaner)

KINGSTON, Jamaica:
The Office of Utilities Regulation is declaring that it is now in a position to recommend that Energy Minister Phillip Paulwell grants a license to Energy World International (EWI) to operate a 381-megawatts plant locally.

Director General Albert Gordon made the disclosure on Nationwide 90FM this morning ending weeks of speculation about the future of the process.

He said the OUR is doing some final discussions but should make the recommendation to Paulwell by the end of this week.

The OUR had delayed recommending that the license be granted while it awaited information from EWI that it had the financial muscle to fund the project.

However, Gordon said while the OUR is yet to receive the information from EWI the regulatory agency is now satisfied based on communication it has received from Energy World Corporation, the parent company.

He said once the license is granted EWI will have 10 days to pay US$37-million as a performance bond or risk losing the US$7 million which it posted as a bid bond.

EWI will also have 30 days after the granting of the license to provide the OUR with a fuel source plan and a further 10 days to indicate the price.