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Wigton Energy Limited, which has set sights on becoming one of the largest owners of solar power in Jamaica, says it will take two years to build out the 70 megawatts of capacity.
The company will remain focused on renewable energy, but the solar projects will rebalance its asset mix away from wind.
Within the two years, its wind farm is expected to fall from 62.7MW to 42MW of capacity, Wigton having got approval to transform the other 20MW delivered by turbines that are now obsolete into solar. The second project is a 50MW facility.
Comments by Wigton Chairman Dan Theoc suggest that the investment in the latter project will rise to $10 billion.
“We competed against dozens of international firms to win the right to build 50MW of solar. This wasn’t gifted — it was earned through a competitive tender,” Theoc said at the company’s annual general meeting. “We’re focused on executing this $10-billion solar investment over the next 24 months,” he added.