Content Solar, a unit of WRB Enterprises, signed a financial agreement with the Overseas Private Investment Corp. (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 MW power 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.
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 percent of its electricity is currently produced.