KINGSTON, Jamaica--(BUSINESS WIRE)--Content Solar Ltd., a wholly-owned subsidiary of WRB Enterprises, has today signed a financial agreement with the Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution. The agreement solidifies the $47 Million OPIC loan to support WRB’s development of a 20 megawatt grid-connected solar photovoltaic facility in Clarendon, Jamaica. The total project cost will be in excess of $60 million.
Chairman and CEO G. Robert Blanchard signed the agreement alongside OPIC Chief of Staff John Morton, with Jamaican Minister of Energy Phillip Paulwell and U.S. Ambassador to Jamaica Luis G. Moreno officiating the ceremony.
“Content Solar will be the largest project of its kind in the Caribbean, delivering clean and reliable renewable energy at a stable price to Jamaica for decades to come,” said Mr. Blanchard. “Content Solar will power more than 20,000 Jamaican homes, displacing more than 3 million gallons of fossil fuel currently burned each year.”
In addition, the Content Solar project becomes the second OPIC-financed project in support of the Caribbean Energy Security Initiative, which is a U.S. Government effort announced by Vice President Joseph Biden in June, 2014. Through all of this, the project will work to provide reliable, renewable energy to the nation of Jamaica while decreasing its huge dependence on imported oil from which over 90% of its electricity is currently produced.
About WRB Enterprises
WRB Enterprises Inc. is a closely-held private company with deep roots in the Caribbean. Its operations encompass utility management, telecoms, banking, real estate, renewable energy development and conservation. With more than three decades in the region, WRB focuses on long-term relationships and investments in national development while delivering high quality service to its customers and stakeholders.
WRB has owned and operated electrical generation and utility assets in the Caribbean since the early 1980s. WRB currently operates the public electric utility for the Caribbean nation of Grenada, where it provides fully integrated electrical services – power generation, distribution, metering, and billing – to tens of thousands of residents and businesses. WRB also operated the power systems in Grand Turk and Dominica.
Based in Tampa, Florida, WRB has built a stable asset base and a well-capitalized organization with substantial interests in community banking. WRB is one of the largest shareholders in both the Bank of Tampa and CenterState Banks, two of the largest independent banks in central Florida. For more information: www.wrbenterprises.com