MPC Caribbean Clean Energy Announces Plans for Strategic Reorganization of its Group Structure
Press Release
ST. MICHAEL, Barbados – 10 May 2023 – MPC Caribbean Clean Energy Limited (MPCCEL) has announced plans for a strategic reorganization of its group structure, which aims to simplify the organization and reduce administrative costs. The reorganization should also enhance the company’s corporate governance through the appointment of an additional independent director. The leaner structure is expected to reduce annual operating expenses by up to 25%.
Under the new structure, all assets of the MPC Caribbean Clean Energy Fund LLC (MPCCEF or the Fund) will be transferred to MPC Caribbean Clean Energy Limited, which will obtain full ownership of the Fund’s interests in renewable energy projects and operating assets across the Caribbean and Central America. The reorganization will only represent a change in legal structure with no change of ultimate beneficial ownership, while reducing one intermediate layer.
In 2019, MPC Caribbean Clean Energy Limited was a pioneer in becoming the first publicly listed company in Jamaica and Trinidad and Tobago with the sole focus on clean energy investments across the Caribbean Basin and selected Central American countries.
Martin Vogt, Managing Director, MPC Capital: “The Fund has closed its capital raising and investment period and we expect all remaining capital to be deployed in projects in 2023. We see a growing market opportunity and investment interest in this industry in the region. The transformation and reorganisation should enable the company not just to save significant administrative costs and provide for much greater financial and operational transparency, but most importantly position itself for future growth in the Caribbean’s renewable energy market. MPC Capital will continue to support the company as a key shareholder.”
The 14.31% shares in the MPC Caribbean Clean Energy Fund LLC currently held by MPC Capital AG will be transferred to MPC Caribbean Clean Energy Limited in exchange for additional Class B shares to be issued by the listed company. This swap will increase MPC Capital AG’s indirect stake in MPC Caribbean Clean Energy Limited from currently 3.19% to approximately 22.2%, ultimately becoming one of its Top 3 shareholders. There will be no economic dilution to the existing Class B Shareholders from the issuance of the additional Class B Shares to a nominee of MPC Capital AG.
Subject to MPCCEL shareholder approval at the upcoming annual general meeting and regulatory approvals, the contemplated transaction and group reorganization are expected to be completed by Q4 2023.
Notice of Material Change pursuant to Section 64(1)(b) of the Securities Act 2012 and the Trinidad and Tobago Stock Exchange Rules
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About MPC Caribbean Clean Energy Ltd
MPC Caribbean Clean Energy Ltd (the Company) is a Caribbean-based investment company which was established with the clear vision to enable private and institutional investors from Jamaica and Trinidad and Tobago to invest through the Company into one of the few investment funds which invests in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region: the MPC Caribbean Clean Energy Fund LLC (the Investment Company or the Fund). More details at www.mpc-cleanenergy.com
About MPC Capital AG
MPC Capital is a global asset and investment manager for real assets in the areas of real estate, renewables, and shipping. Its range of services includes the selection, initiation, development and structuring of investments, through active management to divestment. With approximately 200 employees and over 25 years of experience, MPC Capital offers institutional investors access to investments in selected markets with attractive growth and return opportunities. As a responsible company with a family background that has been listed on the stock exchange since 2000, MPC Capital contributes to meeting the financing needs to achieve global climate goals. More details at www.mpc-capital.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: info@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago / Jamaica
Reina Henry
cmb Limited
Email: reina.henry@cmbcreative.com
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