Marubeni : Participation in a gas-fired power plant in Jamaica

March 24, 2017 Marubeni Corporation

Participation in a gas-fired power plant in Jamaica

Marubeni Corporation ("Marubeni") is pleased to announce its participation in the Old Harbour gas-fired power station ("Old Harbour Project") in Jamaica through its 40% interest in the Jamaica Public Service Company Limited ("JPS"). This project will replace existing oil-fired power plants which JPS owns and operates, with a highly efficient and low-carbon gas-fired power station. This project will also help to greatly improve the diversification of fuel sources for the country of Jamaica.

The construction and operation of the Old Harbour Project, the first project of its kind in Jamaica, will be performed by South Jamaica Power Company Ltd. ("SJPC"), which Marubeni, JPS and Korea East-West Power Co., Ltd. ("EWP") jointly established. The total amount of Marubeni's interests in SJPC is 45% including indirect interests through JPS. Over USD 200 million of the total project cost of USD 330 million will be raised from project finance led by a Jamaican commercial bank, making it the largest private sector project financing in Jamaican history.

The need to shift away from a heavy dependence on oil and stabilize electricity prices is a pressing issue in Jamaica. The Old Harbour Project is viewed as a national project that will help resolve this problem.

Marubeni has an extensive and diverse portfolio of power plants around the world. Through its insight and experience in the global power business, Marubeni will continuously contribute to the development of Jamaica by providing stable power supply through JPS and SJPC.

＜Project Overview＞

Project Name	Old Harbour Power Station
Business	Construction and operation of a gas-fired power plant and sale of power to JPS through a 20-year Power Purchase Agreement
Location	Old Harbour, St. Catherine, Jamaica
Capacity	194MW
Total Project Cost	USD 330 million

Ownership	JPS: 50% Marubeni: 25% (45% including indirect investment through JPS) EWP: 25% (45% including indirect investment through JPS)
Commercial Operation	May 2019 (planned)

＜Location＞

＜Related Companies＞

Company	Jamaica Public Service Company Limited
HQ Location	Kingston, Jamaica
Foundation	1923
Business	Integrated electric utility business in Jamaica
Ownership	Marubeni: 40% Korea East-West Power Co., Ltd.: 40% Government of Jamaica: 19.9%

Company	Korea East-West Power Co., Ltd.
HQ Location	Ulsan, Republic of Korea
Foundation	2001
Business	Electricity business
Ownership	Korea Electric Power Corporation: 100%