GraceKennedy Group - GK Capital Partners With UWI In Landmark Transformational Energy Project
 
Friday, 21 July 2017 21:04

GK Capital Partners With UWI In Landmark Transformational Energy Project

[KINGSTON, JAMAICA JULY 21, 2017] GK Capital Management Limited (GK Capital) – the investment advisory and brokerage subsidiary of the GraceKennedy Group – has announced it will partner with The University of the West Indies as the lead financier and advisor for the construction of a co-generation power plant at the Mona Campus.


GK Capital’s primary role will be to arrange and lead the financing of this Public Private Partnership (PPP) initiative.

“We are pleased to have been selected to partner with UWI on this innovative project. The successful completion of this plant will enable UWI to focus more of its resources on teaching, learning and research, thereby furthering GraceKennedy’s support of education in Jamaica,” said Steven Whittingham, Managing Director of GK Capital.

“As lead financier, GK Capital is committed to deploying proprietary capital to support the venture but we will also be structuring a Special Purpose Vehicle (SPV) in order to allow our clients and partners to participate in the project,” Mr Whittingham confirmed.

Principal of The UWI, Mona Campus, Professor Archibald McDonald, has hailed the collaboration with GK Capital. “Private/public partnership agreements have allowed the University to improve campus facilities and the value of the services on offer. This is a new model for the funding of tertiary education which allows Mona to stay competitive, while funding our strategic goals. We rely heavily on public/private partnerships to fund much of our new work as it has proven to be one of the most reliable and sufficient funding sources for the institution,” said Professor McDonald.

The construction of the Co-Generation plant will lead to the Mona Campus becoming energy efficient, which will result in a significant reduction in its energy expenditure annually. It is estimated that there will be savings in the region of hundreds of millions of dollars, allowing the UWI to move one step closer to its goal of financial independence.

GK Capital will be supported in its role role by the the Connecticut-based Westport Finance LLC, led by Ira Ginsburg.

Established in 2014, GK Capital provides corporate finance and other advisory services, debt and equity financing, asset management and stock brokerage services. The company has completed a number of private and public transactions in the energy and infrastructure space, including a bond float for Jamaica Energy Partners in 2014, providing M&A advisory services for United Independent Petroleum Marketing Company Limited (UNIPET) and Phoenix Fuels and Accessories Limited, and arranging debt financing for PETCOM.

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