There is to be a change to the majority shareholding partnership in the Jamaica Public Service Company (JPS).
Abu Dhabi National Energy Company (TAQA) has announced its decision to withdraw from the Caribbean partnership with Marubeni in the first quarter of next year.
Since March last year, TAQA and Marubeni have had joint ownership of utility companies in the Caribbean, including majority shares in JPS.
According to a statement posted on JPS' website on Thursday, with the withdrawal of TAQA, Marubeni will continue as the majority shareholder in the utility company until a new investment partner is identified.
Tomofumi Fukuda, Chairman of JPS and Marubeni TAQA Caribbean, says TAQA's departure will not affect the operations of JPS, as TAQA was not directly involved in the day-to-day affairs.
In addition, the management team at JPS will continue unchanged.
TAQA has indicated that its decision to end the partnership with Marubeni is due to a change in its corporate strategy.
The sustained global financial instability is among the factors that prompted the change in strategy.
TAQA has signaled its intention to focus primarily on the power sector in the Middle East and North Africa.
Consequently, it has decided to close down its US operations by the end of this year and subsequently withdraw from the Caribbean.