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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 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). The audited financial statements of the Investment Company are available to shareholders upon request.
The Company is registered in Barbados and publicly listed on the Jamaica Stock Exchange as well as the Trinidad and Tobago Stock Exchange. The clean energy investment specialist MPC Renewable Energies (MPC), a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital, has initiated the Company and the Investment Company based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market.
MPC Caribbean Clean Energy Ltd. invests 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 to the Investment Company for the benefit of its investors.
MPC’s vision is to become the leading 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 for the Investment Company which would significantly reduce the carbon footprint of preexisting power generation assets in the Caribbean region while matching 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.
MPC CARIBBEAN CLEAN ENERGY LIMITED
Issued Share Capital (USD)
Financial Year End
Jamaican Stock Exchange
Jamaican Stock Exchange
Trinidad and Tobago Stock Exchange
Interim Financial Statements for three months
ended March 31st 2019
MPC CARIBBEAN CLEAN ENERGY LIMITED - ANNUAL REPORT
Notice to JSE regarding investment in foreign entity
Notice to TTSE regarding investment in foreign entity
Financial Statements for the year
ended December 31, 2018
Unaudited Financial Statements
October 1, 2018 to December 31,2018
14 February 2019
Fourth quarter unaudited financial statements ended December 31, 2018
31 March 2019
Audited annual financial statements for the year of 2018
30 April 2019
Annual report for the year of 2018
15 May 2019
First quarter unaudited financial statements ended March 31, 2019
14 August 2019
Second quarter unaudited financial statements ended June 30, 2019
14 November 2019
Third quarter unaudited financial statements ended September 30, 2019
In June 2018, the Investment Company acquired a shareholding (indirect) in “Paradise Park” (also known as Eight Rivers Energy Company), a 51 MWp solar park in Jamaica. Paradise Park secured limited-recourse project finance amounting to approximately USD 50 million from the French development bank, PROPARCO, and the Dutch development bank, FMO in June 2018. The construction of the solar park began in September 2018 and commissioning is expected for June 2019. Once completed, the solar park will be the largest photovoltaic power plant and the cheapest producer of energy 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 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
MPC Capital closes acquisition for 21 MW wind farm in Costa Rica
DBJ invests in MPC CARIBBEAN CLEAN ENERGY LIMITED
MPCEL commences trading at the TTSE
181224_MPC IPO Closing press release
MPC Caribbean Clean Energy Ltd. strives for cross-listing on the Jamaica and the Trinidad & Tobago Stock Exchanges
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
Caribbean News Now: Renewables to become the norm for the Caribbean
Solar Head of State: LAUNCH OF THE GUYANA SOLAR CHALLENGE
Newsday: On the road to renewable energy - Govt stands by 2021 plan
Jamaica Observer: Paradise Park Solar Farm to be ready by summer
Renewable Energy World: The Caribbean’s Untapped Renewable Energy Potential
By Martin Vogt
Listing of MPC Caribbean Clean Energy in Jamaica
Video of Listing Ceremony /Speech David Delaire
Jamaican Gleaner: Region Must Act Now Against Climate Change – PM
Newsday: Renewable energy proposals due next month
Bloomberg: Clean Energy Investment Exceeded $300 Billion Once Again in 2018
Jamaica Stock Exchange:
MPC Caribbean Clean Energy Limited, the First Main Market Jamaican Dollar and US Dollar Listing for 2019
Daily Express: US$ equity on T&T Stock Exchange
Trinidad & Tobago Newsday: Energy boost
Trinidad & Tobago Newsday: MPC Capital investing million$ in energy parks
Jamaica Observer: MPC Caribbean Clean Energy raises US$11 million from IPO
Firstline Securities Limited: Firstline´s Review: The MPC IPO
Trinidad Daily Express: Clean energy firm targets US$50m in IPO
The Gleaner: Jamaica Leads The Caribbean In Renewable Energy (with David Delaire from MPC)
Lazard releases cost of renewable energies report
Renewable Energy Caribbean: the Status of Renewable Energy in the Caribbean
RJR Online: MPC Caribbean Clean Energy makes IPO
The Gleaner: MPC Caribbean Set For US$50m Listing In Two Markets
Bloomberg: Developing Nations Assume Mantle of Global Clean Energy Leadership
Renewable Energy World: Solar and Wind Now the Cheapest Power Source Says BloombergNEF
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
The Gleaner: Jamaica to target 50 per cent renewable energy generation
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
Daily Herald: T&T’s largest conglomerate invests in Costa Rica wind park
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
MPC Caribbean Clean Energy Limited
Suite 1, Ground Floor, The Financial Services Centre
Bishop’s Court Hill
St. Michael, Barbados, BB14004
Suite 1, Ground Floor, The Financial Services Centre
Bishop’s Court Hill
St. Michael, Barbados, BB14004