Energy services provider Jamaica Public Service Company Limited (JPS) will access a 100 million dollars financing package to help it modernize the country’s power grid and expand access to electricity. The main investor is IDB Invest, while the transaction also includes the mobilization of 50 million dollars from the relationship bank CIBC Caribbean, which acted as co-arranger.

The financing will support JPS’s capital expenditure program beginning in 2024, which focuses on enabling new customers access to electricity and improving grid security and stability. Additionally, it will include investments to continue JPS’ digital transformation, enabling seamless system interaction through cloud-based solutions. Finally, it will support the development of JPS’s electric vehicle (EV) infrastructure.