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MPC Caribbean Clean Energy Ltd. (the Company) is a Caribbean-based investment company which was established in 2017 with the clear vision to invest in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region through the MPC Caribbean Clean Energy Fund LLC (the Investment Company or the Fund).
The Company is registered in Barbados and was established by the clean energy investment specialist MPC Renewable Energies (MPC), a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital, based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market.
MPC Caribbean Clean Energy Ltd. will invest directly into the Investment Company which is one of a few investment funds specializing in clean energy in the Caribbean.
Today the Caribbean region relies on fossil fuel imports and has correspondingly high electricity prices. With marked growth in the demand for energy, renewable energy sources are increasingly becoming an economical form of new electricity generation. Significant growth potential also exists for energy efficiency and energy storage.
Therefore the Caribbean region has great potential to offer an attractive investment opportunity.
MPC’s vision is to become the main investor for renewable energy in the Caribbean region, delivering new energy and attractive investments to it´s people.
According to CARICOM’s Sustainable Energy Roadmap, its 15 members aim to install 5.3 Gigawatt of clean energy over the next ten years, requiring USD 8.4 billion, while MPC’s overall target region offers a multiple of this opportunity.
The MPC investment advisory team has already identified a broad pipeline of renewable energy projects in the Caribbean which would significantly reduce the carbon footprint of preexisting power generation assets in the Caribbean region while matching worldwide investors’ return expectations.
Renewable and clean energy is not only a must for our future but has also great investment potential. MPC’s mission is to bring renewable energy to the Caribbean and the Caribbean people and thereby accelerating positive environmental and social impact. The MPC investment advisory team has built extensive networks for proprietary deal origination and co-investment, a deep pipeline of projects, strong global strategic relationships and has demonstrated the ability to raise and deploy capital.
GERARD A. BORELY
Gerald A. Borely has been appointed chairman of the board of directors of the Company. He is a Qualified Fellow of the Association of Certified Chartered Accountants (United Kingdom) and a Registered member of the Institute of Chartered Accountants of Trinidad and Tobago.
Gerard is currently the CEO of Caribbean LED Lighting Inc. and has had a distinguished career wherein he has held the following posts:
• CEO Barbados, Eastern Caribbean, British Virgin Islands & the Turks Caicos Islands
• CFO LIME / Cable & Wireless Caribbean Operations
• Managing Director – Corporate Banking at CIBC FirstCaribbean International Bank
• Chief Financial Officer (FirstCaribbean International Bank Limited)
• Manager – Assurance, Advisory and Business Services (AABS), Ernst & Young (Trinidad)
During his career, Gerard has held the following directorships:
• Director/Chairman of Audit Committee for Bahamas Telecommunication Company
• Director, Telecommunications Services of Trinidad and Tobago
• Director, FirstCaribbean International Bank (Jamaica) Limited
• Director, FirstCaribbean International Bank (Barbados) Limited
MARK HART, J.P.
Mark Hart is currently the Executive Chairman of Caribbean Producers (Jamaica) Limited, which is listed on the Junior Market Jamaica Stock Exchange (JSE), having previously served as its Chief Executive Officer from 2004 until early in 2011 and is also the founding and controlling shareholder of that company.
Mark began his career as the Managing Director of the Hart family’s group of companies in 1982, eventually becoming Chairman and Chief Executive Officer in 1997. Mark serves as Chairman of Cargo Handlers Limited, another JSE Junior Market listed company and Montego Bay Ice Company Limited, a JSE Main Market listed company. Mark is a graduate of the University of Miami where he gained a Bachelor of Science degree in History and Motion Picture Film Production. He has also completed a program in Executive Education with focus on accounting and planning at Columbia University of New York.
Mark served as Chairman of the Airports Authority of Jamaica from 2007 - 2012 and he is currently a member of the boards of The We Care of Cornwall Regional Hospital, NMIA Airports Limited, The Port Authority of Jamaica, Montego Bay Freezone Company Limited, The Bank of Nova Scotia Jamaica Limited, Scotia Group Jamaica Limited, and Alpha Angels Investor Group. In the past he has served as a Director of JAMPRO, Dehring Bunting and Golding Limited (now Scotia Investments Limited), the American Chamber of Commerce of Jamaica, the Montego Bay Chamber of Commerce, First Life Insurance Company, Island Victoria Bank, The Tryall Club, Montego Bay Yacht Club, amongst others.
Alastair Dent is a chartered accountant whose career has spanned Ernst & Young Barbados in various capacities and ultimately as one (1) of its audit partners. Alastair also had an intervening appointment as the Chief Financial Officer of London Life and Casualty Reinsurance Corporation during the continuum of his tenor at Ernst & Young.
In 2016 Alastair established his own audit firm, Orion Consulting Inc.
Alastair is also an Associate Member of ICAEW, a Fellow of Institute of Chartered Accountants of Barbados (ICAB) and was a Member of ICAB Accounting and Auditing Standards Committee from 1999 to 2011.
Steven Marston is the Chairman and CEO of CAC 2000 Limited. Steven has worked in the air conditioning and energy business for over 32 years. He is an engineer with a BSc. in Environmental Engineering (HVAC) from University of Strathclyde (1980) and MSc. in Energy Management and Policy from University of Pennsylvania (1984). He is also a graduate of the Owner President Management Program at Harvard Business School in 2009.
Steven worked in the renewable energy field for 10 years (Ministry of Mining and Energy and Petroleum Corporation of Jamaica) and installed many of the initial solar systems in hospitals and hotels. He also worked in the sugar industry and installed a hydrous ethanol plant at Bernard Lodge along with other improvements that quickly made it one of the most efficient sugar factories in Jamaica. He then went on to work as an energy consultant before being asked by ICD to take over the failing CAC and not only restored it to become Jamaica’s largest HVAC company, while also helping to lead the construction arm of the Mechala Group, before leading a management buyout of CAC. Over the course of his tenure the company has achieved significant growth and development guided by his vision, experience and expertise and he led the company to a successful listing on the Junior Market of the Jamaica Stock Exchange - the first, and still only, construction company to do so.
CAC continues to flourish under his leadership but he is also working assiduously on regional expansion, large projects and commercial energy solutions with the intention of making CAC the largest HVAC and alternative energy business in the Caribbean.
GUARDIAN NOMINEES (BARBADOS) LIMITED
Guardian Nominees (Barbados) Limited is a corporate director appointed by the Company in the interest of continuity on the board and also in order to facilitate board meetings in Barbados.
Managing Director, Head of Origination, Renewable Energy
MPC Renewable Energies GmbH
Martin Vogt is responsible for originating, structuring and executing of cross-border renewable energy transactions. He has performed M&A transactions for over 2 GW and successfully completed project financing for over 500 MW of renewables. Martin holds a Master of Technical and Commercial Management with focus on Energy & Resources.
Martin joined MPC Renewable Energies GmbH in 2014. Previously, he was Vice President at Global Capital Finance.
Managing Director, Head of Asset Management, Power & Renewable Energy
MPC Renewable Energies GmbH
David Delaire is responsible for the implementation and operation of projects. David has over 25 years of experience in energy infrastructure project management and more than 11 years in renewables and emerging markets. Previously, he was in senior management roles in leading renewable energy companies including Natural Power (Director of Asset Management), GE Wind (Wind Maintenance Coordinator Southern Europe), Eolfi (CTO) and Greensolver (COO).
David holds a Master of Business Administration with focus in Management and a Bachelor of Electrical Engineering. He joined MPC Renewable Energies GmbH from DD Energy Services, where he served as Managing Partner.
Director, Central America & Caribbean MPC Renewables Panama SA
Fernando Zúñiga is responsible for the business development as well as supporting the origination and asset management. Fernando has more than 9 years of experience in renewable energy with a strong focus on solar PV and the development and construction phase of renewable energy projects.
He joined MPC Renewables Panama SA in 2017. In the past, he worked on over 2 GW of renewable energy projects with approximately 800 MW of development and asset management of solar PV in Latin America.
The initial investment of the Investment Company is “Paradise Park”, a 50 MWp solar park on the Caribbean island of Jamaica. Once completed, the solar park will be the largest photovoltaic power plant in the island nation.
Fixed ground-mounted solar PV park with c. 50 MWp capacity
Yearly output: 82,000 MWh
Q2 2018 – Q2 2019
Approx. USD 64 million
The second initial investment of the Investment Company is the operational 21 MW wind farm Tilawind, located in Tilarán in the Guanacaste province, Costa Rica. With a wind turbine capacity factor of 45%, Tilarán represents an excellent location for the wind farm, which has been operational since 2015 and has the potential to expand its capacity to 40 MW in the future.
Onshore wind farm with c. 21 MW capacity
Yearly output: 81,300 MWh (P50)
Approx. USD 50 million
ANSA McAL Limited
Acquisition of Tilawind, wind farm in Costa Rica
Successful completion of the Paradise Park PV farm’s financing in Jamaica
Acquisition of Paradise Park, solar PV park in Jamaica
T&T Express: German firm seeks solar power in T&T
Climate change dialogue to be held in Grenada
IDB to invest USD 300m in Caribbean
Press Coverage MPC Renewable Energy Forum
Newsday - Opportunities in renewable energies
The Guardian - MPCs tackling the transition towards RE
Trinidad Daily Express - T&T´s transition to renewable energy - by Martin Vogt
Global Energy News - Benefits and Challenges of Renewable Infrastructure investing in the Caribbean
Bloomberg New Energy Finance - MPC Capital eyes Solar in Jamaica
Ground broken for US$60-m solar-powered plant in Westmoreland
The Western Mirror - major energy project for Westmoreland
Pensions Investment - Commentary by Roman Rocke - Real opportunity in niche real assets
Bloomberg NEF - Q&A with MPC Capital
- currently no Investor Relations news availabe -
MPC Caribbean Clean Energy Limited
Suite 1, Ground Floor, The Financial Services Centre
Bishop’s Court Hill
St. Michael, Barbados, BB14004