Phillip Paulwell maybe down but he is certainly not out, he has one more ace up his sleeve !

EWI has no money and  with the rejection of assistance from the IDB, the world bank and the IFC as well as most major banks will stay very far from this project, which will all but cripple the entire project. ( Not so fast)

Phillip Paulwell may very well be a very poor “project manager” but he is no fool and is about to pull an ace from up his sleeves.

We can expect to see in very short order  China Exim Bank coming on board to finance the project and this will be announced as a joint venture between CHEC and EWI.

CHEC will build the plant with some input from  engineering arm of EWI , which is know as Slipform Engineering Company Limited.  The plant could be expanded from 381 MW and I strongly suspect, it will be the source of power for Goat Islands and not the coal fired plant that Dr Omar floated earlier this year.

The power plant will be built no doubt about that.

Let’s see how it plays out.

 

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5 Responses

  1. Note these comments above and look out for what is coming.

  2. Is Slipform Engineering Company Limited a “real” Engineering Services Firm? Or is it just an entity set up by the major shareholder(s) of EWC/EWI to siphon off investor’s fund from EWC/EWI? Has Slipform Engineering Company Limited ever design and project that has reached the implementation stage? Have they ever started and completed a single energy related (or otherwise) project anywhere?

    My bet is EWC/EWI is dead in the water. Frankly, I think they were running a scam from day one. Look for a new bidding process with new entrants with some real energy players. My guess, the cost of the project (and the $/KWH) will be much more realistic, but unfortunately, much higher than what was proposed by EWC/EW (US$0.1288 per kilowatt-hour).

    BTW Jay, the LNG the best fuel for this project? What is the long-term (5-10 year) forecasted cost of LNG?

  3. EWI will not build a power plant in Jamaica, at least not within the next 5 yrs. The significant modification to the step-in rights to defer it until after the plant is commissioned will ensure that EWI is here for the long haul. We will have a white elephant after 5 yrs but not an energy plant. The cost to the GOJ ad the people of Jamaica to breach the license and take over the plant would be astronomical. EWI will smile all the way to the bank.

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