MPC Caribbean Clean Energy Raises US$11M from IPO

MPC Caribbean Clean Energy Ltd has raised US$11 million from its initial public offering (IPO) on the Jamaica and Trinidad & Tobago stock exchanges.

The offering opened on December 3, 2018, and was marketed by JN Fund Managers in Jamaica and First Citizens Brokerage and Advisory Services Limited in Trinidad & Tobago.

In a release, MPC Caribbean said it will use the equity raised to invest in clean-energy projects including wind farms and solar parks in Jamaica, Trinidad & Tobago, and the wider Caribbean region, on behalf of MPC Caribbean Clean Energy Fund LLC.

Initial investments made by the fund include the 50 MWp solar plant, Paradise Park, in Jamaica— the largest solar park in Caricom; and Tilawind, an operational 21 MW wind farm in Costa Rica.

“With the rising demand for energy in the Caribbean, renewable resources are increasingly becoming a cost-effective form of power generation,” managing director of investment advisor to the Fund, MPC Renewable Energies, Martin Vogt said.

He added that MPC Caribbean Clean Energy Ltd provides a smart investment opportunity for both institutional and retail investors who wish to capitalise on opportunities in the growing market. Subject to JSE and TTSE approval, it is the only publicly listed company in Jamaica and Trinidad and Tobago with a 100 per cent clean energy investment mission.

“We have identified a variety of projects in Jamaica, the Dominican Republic, Costa Rica, Colombia and other countries in the region that require about US$500 million of investments. Our ultimate goal is to make a positive economic and social impact on the Caribbean by establishing renewables as the prominent source of energy in the region,” Vogt added.

MPC Caribbean Clean Energy is a Caribbean-based investment company, which was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad & Tobago to invest — through the MPC Caribbean Clean Energy Ltd — into one of the few funds which supports renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region: the MPC Caribbean Clean Energy Fund LLC.

The clean energy investment specialist MPC Renewable Energies GmbH, a 100 per cent subsidiary of the publicly listed German asset and investment manager MPC Capital AG, has initiated the MPC Caribbean Clean Energy Ltd and MPC Caribbean Clean Energy Fund LLC based on its extensive renewable energy experience worldwide, and after deep research and analysis of the Caribbean market.