Business

Wisynco pumps $300M in gas plant

Sunday, October 14, 2018

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Wisynco Group Ltd (Wisynco) has announced plans to pump $300 million in the construction of a two-megawatt energy plant at its Lakes Pen property in St Catherine.

The construction of the energy plant is expected to take approximately eight months and will be operated using liquefied natural gas (LNG).

Wisynco, in making the announcement, said the company expects to repay the investment over a period of three years. It has also contracted New Fortress Energy (NFE) for the gas installation and provision of the LNG.

The drink manufacturer's investment in the energy plant comes a year after Wisynco spent US$2 million in a new beverage plant and distribution centre after fire gutted its Lakes Pen warehouse.

Wisynco planned on further increasing its spend to US$8 million which included the construction of a 25,000-square-foot cold storage facility as the company moved to increase production numbers by 50 per cent to take on the Caribbean.

In 2011, Wisynco invested $200 million in a one-megawatt solar plant but it was badly damaged by the fire.

Still, the company remains bullish on cost savings measures and has since implemented an automated inventory and order-picking system, more efficient layout with flexible work stations and a 20 per cent increase in illumination with state-of-the-art LED high-bay lights that is expected to reduce the company's electricity bill by 30 per cent.

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