In a statement released a short while ago, EWI announced that the sum of US$36.85 had been lodged with its bank in Hong Kong, which will process it as soon as possible for posting the performance bond.
Below is the full text of the EWI release:
EWI is fully committed to the Licence issued by the Honourable Minister and the terms of the Implementation Agreement signed by us. This commitment also extends to the terms of the power purchase agreement (PPA) signed with JPS.
While we regret the delay in the posting of the performance security bond that is due to circumstances beyond our control, we wish to reassure the Government of Jamaica and the Jamaican people that the sum of THIRTY SIX POINT-EIGHT-FIVE MILLION UNITED STATES DOLLARS ($36.85Million USD) has been placed with our bankers HSBC in Hong Kong and they have undertaken to process and issue the bond as soon as is possible while adhering to all their internal compliance and regulatory processes that introduce timelines that cannot be circumvented. We give our assurance that our bankers are working tirelessly to comply with ALL their legal and fiduciary duties in the issuing of this bond.
We continue to be relentless in pursuing the project with the support of the Jamaican Government, the approval agencies, shareholders, financiers and the ultimate beneficiaries, the people of Jamaica.
Energy World International
Contact: David Mansell
Energy World Group
EDITORIAL NOTE: Story amended based on new release sent by EWI