On February 5, the company executed a Memorandum of Understanding ("MOU") with the Jamaican authorities to build a 10 million gallons per year advanced Bio-Fuel plant and 3 MW of excess biomass electricity, utilizing Sweet Sorghum as the feed-stock to be grown and harvested in Jamaica.
During the first week of February a Project Team consisting of Juan Briceno, Business Developing Director, Keith Holesinger, Benchmark Farm Management and James Carter, President of Capital Solutions Inc.,visited Jamaica to present to the authorities our proprietary advanced bio-fuel project utilizing Sweet Sorghum as the raw material.
After meeting with the key stakeholders for the project, including the Ministry of Energy, Ministry of Agriculture, SCJ Holdings, Petroleum Corporation of Jamaica, Jampro, and visiting potential land sites, an agreement was reached for the development of the Project.
Included in the MOU are:
1. Long term lease of 9,000 acres of tillable land expandable to 18,000 acres.
2. Off Take Agreement of the biofuel with the Petroleum Corporation of Jamaica
3. Power Purchase Agreement (PPA) agreement for the excess electricity with the Ministry of Energy
The company is now drafting and executing the details agreements in order to move to Notice to Proceed ("NTP").
We are extremely pleased and honored for the opportunity to develop the project with the people of Jamaica and to contribute to Jamaica for their renewable energy objectives.
During the trip we also held a meeting at the US Embassy in Jamaica where we learned of several funding initiatives available for renewable energy in Jamaica.
The new plant is estimated to be completed last quarter 2018.
For additional information please contact the company.