Wisynco to develop 2 MW gas plant
Published:Monday | October 8, 2018 | 12:00 AM
Beverage maker and distributor Wisynco Group Limited will build its own energy plant at its complex in St Catherine, to be run on liquefied natural gas or LNG.
Wisynco Chairman William Mahfood said it would be a 2 megawatt plant that would take eight months to develop at a cost of $300 million.
The "conservative" payback period for the investment is three years, said Mahfood, adding that Wisynco had contracted New Fortress Energy to do the gas installation.
Seven years ago, Wisynco considered investing in a gas-fired power plant but eventually chose in 2015 to invest $200 million in a one megawatt solar plant instead. One-quarter of that solar plant was destroyed by the fire that gutted its warehouse facility in 2016.
Then last, year the company indicated it was looking at additional options, which would be guided by an internal study. Those deliberations led to the decision to invest in the LNG plant.
Jamaican corporations have progressively been investing in LNG, since the partnership between New Fortress and power provider Jamaica Public Service Company demonstrated that the American company could be a reliable source of gas supplies.
Wisynco is the local bottler and distributor for Coca-Cola, as well as its own proprietary brands, Wata and Bigga. Its distribution portfolio comprises some 110 brands with over 4,000 different products, covering beverages, grocery and synthetic items.