Seprod Limited is investing nearly a billion dollars in the construction of two gas-powered energy plants on-site two of its subsidiary companies that will generate three megawatts of electricity for their operations.

The company is investing in cheaper energy to drive down the cost of production and improve competitiveness of its products through cheaper pricing for the Jamaican and overseas markets.

The energy project is estimated at US$6.8 million ($$940 million). The payback for the plants, which will run on liquefied natural gas, or LNG, will be 2.5 years.

Seprod expects the cost for electricity for the two companies to decline by a third, leading to annual savings of US$2.8 million ($380 million)

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