Soleco Energy

Paradise Park case study

Paradise Park Solar Farm

CASE STUDY

Soleco’s sister company, Rekamniar Frontier Ventures together with Neoen SAS won a tender launched by the Jamaican Office of Utilities Regulation (OUR) a 51MWp solar power plant.

The Paradise Park Solar Farm delivers to Jamaica’s national utility, the Jamaica Public Service Company Limited, the lowest cost electrical energy ever produced in Jamaica - with a base tariff of USD 85/MWh - through a 20-year power purchase agreement. USD 16 million of project equity provided by Neoen, MPC Capital, Rekamniar Frontier Ventures, and GK Pension Fund.

Location: Paradise Park, Westmoreland, Jamaica

Project type: Utility-scale

ENERGY

80GWh per year

CO2 OFFSET

13,500 tonnes per year
  • 51MWp
  • Provide affordable energy to the people of Jamaica
  • Reduce fossil fuel consumption in the country
    and reduce carbon emissions
  • Reduce Jamaica’s use of foreign currency to purchase imported fossil fuel for energy generation
  • Diversify the country’s energy mix
  • Limited local expertise in construction of
    solar farms
  • Coastal location in a rural location
  • Wet terrain
  • Collaborative effort between an international EPC (Eiffage Energia) and local subcontractors
  • Local training programs implemented with support from USAID and the Clinton Foundation throughout the local community
  • Reinforced design to address highly corrosive environment and storm risk
  • Plant built in 13 distinct PV fields to work with the flow with natural waterways in order to reduce environmental impact and to facilitate plant maintenance and sustainability
  • Modules: 156,000 x Jinko solar modules
  • Inverters: Schneider Electric
  • 69kV interconnection
  • Project cost: USD 65 million
  • Project lenders: Proparco and FMO
  • Lowest cost of electricity to the island of Jamaica
  • Diversification of energy mix
  • Import substitution to reduce Jamaica’s use of foreign currency on fuel importation
  • Over 300 jobs created during construction

Client testimonial

utility scale

“The start of operations of the Paradise Park solar farm is an important achievement for Neoen and combines significant economic impact by producing the cheapest electricity on the island with a strong social impact through the creation of more than 300 direct jobs during the construction period and the training of students of surrounding communities in partnership with the Clinton Foundation. The development and construction of Paradise Park illustrates Neoen’s unique capabilities to bring together, in partnership with Jamaican local and international stakeholders, first class lenders such as Proparco and FMO, donors such as USAID and leading construction and equipment manufacturers. We are proud to have delivered this flagship project and look forward to capitalizing on this successful experience.”

Xavier Barbaro, CEO. Neoen

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Andrew Reicher

Advisory Board

Andrew Reicher serves on the investment committees of Berkeley Energy, Catalyst Principal Partners, and Energy Access Ventures Fund, and has angel investments in 18 early-stage energy access businesses in Africa. With over 30 years in private equity and 10+ years in investment banking, he has held key roles at CDC, Actis, Globeleq, and the Private Infrastructure Development Group. Andrew holds a BA in Economics from Cambridge University and an MA in Economics from the University of Pennsylvania.

The Hon. Douglas Orane, CD, JP, Hon. LLD

Advisory Board

Douglas Orane joined GraceKennedy Ltd in 1981 and served in senior leadership roles, including CEO from 1995 to 2011 and Chairman until 2013. He holds a degree in Mechanical Engineering from Glasgow University and an MBA from Harvard Business School. Douglas was named a Commander of the Order of Distinction (C.D.) by the Jamaican Government in 2002 and appointed to Jamaica’s Privy Council in 2009. He is known for his philanthropic efforts, especially in supporting inner-city residents, youth programs, and educational institutions.

Stephen B. Facey, CD

Advisory Board

Stephen Facey is the Chairman and CEO of PanJam Investment Limited, with over 35 years of experience in architecture, real estate development, and private equity investing. He holds a BA in Architecture from Rice University and an M. Arch from the University of Pennsylvania. Stephen is the Chairman of several organizations, including Jamaica Property Company Limited, and the New Kingston Civic Association, and serves on various boards. He has led significant projects, such as the Courtyard by Marriott in New Kingston and the redevelopment of the Oceana hotel. He also chairs the C.B. Facey Foundation and the Caribbean Policy Research Institute.

Ramon Pitter

Non-Executive Director

Ramon Pitter is an investor in blockchain and the future of finance, with over 20 years in investment management, investment banking, and M&A. He started his career on Wall Street with JPMorgan, Merrill Lynch, and BofA Merrill Lynch. Ramon has led business growth through acquisitions, joint ventures, and partnerships, and has developed board and business strategies. He holds an MBA from the Wharton School.

Mauricio Nicholls

Non-Executive Director

Mauricio Nicholls is the Chairman of the Soleco Board of Directors and CEO of Rubis Caribbean. He oversees energy projects across the Caribbean, having previously held leadership roles at Chevron Latin America. Mauricio has a proven track record in strategic planning, project management, operational efficiency, and renewable energy. He holds an MBA from the Wharton School and a Mechanical Engineering degree from the University of Los Andes.

Jean-Pierre Maurand

Non-Executive Director

Jean-Pierre Maurand is the New Energies Development Director at Rubis Energy, with a strong background in energy transition project development and financing. He has worked with Meridiam, Albioma, ContourGlobal, and Dalkia. Jean-Pierre studied Engineering, Materials, and Structures at ENSEM and emphasizes stakeholder management and team spirit in his pragmatic approach to projects.

Michel Malatino

Non-Executive Director

Michel Malatino is the CEO of Rubis Energy Jamaica, where he has driven significant infrastructure and service station investments. Previously, he held leadership roles at Chevron Latin America, and Total Energy, focusing on strategic planning, project management, business development, and renewable energy initiatives. Michel studied finance at ESC Marseille.

Frank Hart

Project Development Analyst

Frank Hart is a financial and project development analyst at Soleco Energy, with previous training under the project development team at Silicon Ranch, a leading U.S. utility-scale solar company.

He has experience in the Jamaican market, working in accounting and data analytics for companies in development and distribution. Frank holds a bachelor’s degree in finance with an energy specialization from Tulane University and is NABCEP Solar Associate certified.

Sheldon Wynter

Project Development Associate

Sheldon Wynter, with nine years in project engineering and management, is the Project Development Associate at Soleco Energy.

He previously worked at Total Jamaica Limited, completing multi-million-dollar projects, including Jamaica’s first solar-powered service station. Sheldon also worked at N.O. Whyte and Associates Ltd., where he contributed to award-winning projects. He holds a BEng in Construction Engineering from the University of Technology Jamaica (UTech).

Wafy Boubaker

Project Finance Specialist

Wafy Boubaker is a financial advisor at Soleco Energy, with six years of experience in M&A and project finance in the power and energy sector.

He worked in the M&A team at ContourGlobal and advised at Capricorn Capital Partners and IDCM in London. Wafy holds a master’s in economics from Sorbonne University and enjoys swimming, boxing, and video games.

Sam Rusbridge

Technical Specialist

Sam Rusbridge has over 15 years of experience in renewable energy, focusing on solar PV and energy storage.

As Head of Energy Storage at RINA Consulting, he oversaw over 2GW of energy yield analysis. He has managed technical due diligence for ~1GW of solar projects globally and advised on £500 million of rooftop PV projects.

Jaime Vidalot

Operations Manager

Jaime Vidalot, Operations Manager at Soleco Energy, has experience as a site construction manager for Grupotec Renewables and an O&M manager in the UK, Latin America, and the Caribbean. He holds a bachelor’s in mechanical engineering from Florida Universitaria (Polytechnic University).

Stephen West

Chief Financial Officer & Senior Advisor

Stephen West is a private equity fund specialist and Senior Advisor/CFO at Soleco Energy.

He also advises Africa Capital Alliance and Archipelago Ventures. Previously, he was MD at the UK’s Green Investment Bank and a founding partner at Actis Capital LLP. Stephen has extensive experience in emerging markets and has held various advisory and non-executive roles.

Paradise Park case study

Chief Executive Officer & Founder

Angella Rainford is the founder of Soleco and Rekamniar Frontier Ventures, co-developer of the largest solar plant in Jamaica (51 MWp).

She previously worked at Goldman Sachs in London and New York, and Sterling Stamos in investment management. Angella has advised Helios Investment Partners and served on various boards, including GK Capital Management and JN Money Services. She holds an MBA from Harvard Business School, an MPhil from the University of Cambridge, and a BA from Harvard College. Angella has extensive travel experience, is a motorcyclist, pianist, and pilot, and has climbed three of the seven summits.

Angella Rainford

Chief Executive Officer & Founder

Angella Rainford is the founder of Soleco and Rekamniar Frontier Ventures, co-developer of the largest solar plant in Jamaica (51 MWp).

She previously worked at Goldman Sachs in London and New York, and Sterling Stamos in investment management. Angella has advised Helios Investment Partners and served on various boards, including GK Capital Management and JN Money Services. She holds an MBA from Harvard Business School, an MPhil from the University of Cambridge, and a BA from Harvard College. Angella has extensive travel experience, is a motorcyclist, pianist, and pilot, and has climbed three of the seven summits.