Israel Corporation continues to expand its international holdings.
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The Jamaica Private Power Company (JPPC) has been completely bought out by IC Power, a subsidiary of Israel Corporation Group which operates in the power business in Latin America and Israel. This marks the company’s second acquisition in the Caribbean.
An independent power producer, JPPC sells its entire energy capacity to the Jamaica Public Service.
IC Power, which currently holds a 15.5% stake in JPPC. will now own 100% of the company.
Ingrid Christian-Baker, JPPC’s CEO said in a statement, “This transaction complements IC Power’s strategic plan to establish itself as a major player in the power generation business in Central America, the Caribbean, as well as in South America.”
“With this deal our team at JPPC and our clients stand to benefit from IC Power’s well established track record operating and maintaining power plants, as well as developing greenfield projects of different types of technologies. For Jamaica, the company has also indicated an interest in exploring investment opportunities including the possibility of developing a wind project which would help to diversify Jamaica’s generation capacity by adding more renewable power to the country’s energy mix.”
Established in 2007 as a subsidiary of Israel Corporation Ltd., IC Power’s worldwide portfolio includes participation in more than 3, 800 MW of operating assets in Israel and nine Latin American countries and the Caribbean.
Founded in 1968 by the government of Israel, Israel Corporation is that country’s largest holding company. Its core holdings are fertilizers and specialty chemicals, energy, shipping and transportation.
A publicly traded company, IC’s shares are available on the TASE. The Ofer Brothers Group has controlled the company since 1998.
Its acquisition of JPPC comes after similar recent international acquisitions in Nicaragua, Colombia, Chile and Peru. Just last month IC divested itself of its South African company, Edegel SA.