MPC Caribbean Clean Energy Announces Completion of Strategic Reorganization of its Group Structure
ST. MICHAEL, Barbados – 27 September 2024 – MPC Caribbean Clean Energy Limited (MPCCEL) announces…
MPC Caribbean Clean Energy Announces Completion of Strategic Reorganization of its Group Structure
ST. MICHAEL, Barbados – 27 September 2024 – MPC Caribbean Clean Energy Limited (MPCCEL) announces the successful completion of its strategic reorganization, a significant milestone approved by its shareholders in May 2023. The primary objective of this endeavor was to simplify the organization's framework and mitigate administrative costs. In addition, this reorganization reinforces the company's corporate governance by appointing an additional independent director, thereby fostering a more robust governance structure. The leaner, more efficient structure is anticipated to yield a reduction in annual operating expenses of up to 25%.
Fernando Zúñiga, Chairman of the board of directors of the Company, emphasized the critical importance of this restructuring for the company's outlook, stating, "This strategic reorganization marks a pivotal moment for MPC Caribbean Clean Energy Limited, underscoring our commitment to optimizing our operations and enhancing shareholder value. By simplifying our organizational architecture, we are better positioned to navigate the evolving landscape of the Caribbean's renewable energy market."
As part of the restructuring, all assets previously held by the MPC Caribbean Clean Energy Fund LLC (MPCCEF or the Fund) have been transferred to MPCCEL, consolidating full ownership of the Fund's interests in renewable energy projects and operating assets across the Caribbean and Central America. Importantly, this realignment represents a change in legal structure while maintaining continuity in beneficial ownership, thereby eliminating one intermediate layer within the corporate hierarchy.
Since its inception in 2019, MPC Caribbean Clean Energy Limited has been at the forefront of clean energy investment, pioneering as the first publicly listed company in Jamaica and Trinidad and Tobago dedicated solely to clean energy investments across the Caribbean Basin and select Central American nations.
The recent completion of the Fund's capital raising and investment phase in 2023 further underscores the company's commitment to advancing sustainable energy solutions in the region. The 14.31% shares in the MPC Caribbean Clean Energy Fund LLC formerly held by MPC Capital AG was transferred to MPCCEL in exchange for additional Class B shares issued by the listed company. This swap increased MPC Capital AG’s indirect stake in MPCCEL from currently 3.19% to approximately 22.2%, ultimately becoming one of its Top 3 shareholders. The existing Class B Shareholders were not diluted from the issuance of the additional Class B Shares to a nominee of MPC Capital AG.
Looking ahead, MPCCEL will proceed with the de-registration and liquidation of MPCCEF and related entities domiciled in the Cayman Islands.
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 investment and asset manager for infrastructure projects. In the areas of maritime and energy infrastructure, MPC Capital initiates and manages investment solutions for institutional investors. MPC Capital provides tailor-made investment structures, excellent project access and integrated asset management expertise. With 280 employees, the MPC Capital Group manages assets under management (AuM) of EUR 4.8 billion. As a responsible company with a family background that has been listed on the stock exchange since 2000, MPC Capital actively contributes to financing the investment needs to achieve global climate goals. More details at www.mpc-capital.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago / Jamaica
Reina Henry
cmb Limited
Email: reina.henrynoSpam@cmbcreative.com
This communication is targeted at, and subscription in MPC Caribbean Clean Energy Limited (the "Company") is only open to, prospective investors that are resident in one or more of the following jurisdictions and not in any other jurisdiction: Jamaica and Trinidad and Tobago. Any offer or sale of securities may in certain jurisdictions be restricted by law. The communication does not constitute an offer to sell or a solicitation of an offer to buy interests in the Company in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. In particular, this communication is not an offer of securities for sale in the United States or to any US person (as defined for purposes of US securities laws in general, and the Securities Act of 1933, as amended, in particular), and such offers and sales may not be made in the United States absent registration or exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain additional, detailed information regarding the statements made herein.
MPC Capital expands renewables portfolio with 43 MW solar PV project
Hamburg, 2 September 2024 -- MPC Capital has successfully brought the Monte Plata II solar park in…
MPC Capital expands renewables portfolio with 43 MW solar PV project
Hamburg, 2 September 2024 -- MPC Capital has successfully brought the Monte Plata II solar park in the Dominican Republic into operation. The project adds 43 MW of capacity to the existing Monte Plata solar park, bringing the total operational capacity of the combined project to 76 MW. The investment was made through MPC Capitals`s MPC Caribbean Clean Energy fund.
With a total investment of approximately USD 45 million, and financing from leading development finance institutions, Monte Plata II is set to generate 67 GWh of clean energy annually, reducing CO2 emissions by an estimated 45,000 tons per year. This highlights MPC Capital's dedication to advancing renewable energy infrastructure as an asset class that is essential for achieving global net-zero goals.
The Monte Plata II project has secured a 15-year Power Purchase Agreement (PPA) with a utility off-taker and went online well on schedule. Throughout the construction phase, MPC Capital has actively engaged with the local community, partnering on several initiatives to demonstrate the positive impact of the project.
Commenting on this achievement, Constantin Baack, CEO of MPC Capital, said: “Bringing Monte Plata II from the early development stages to operation highlights our expertise and extensive network in the Latin American market. We have built a strong track record across the entire value chain, including development, financing, as well as contracting long-term cash flows through the structuring of PPAs. We are dedicated to leverage this experience as we expand into the European energy market.”
Expanding the operating portfolio of renewable energy assets with Monte Plata II confirms MPC Capital's recently refined strategic focus on energy and maritime infrastructure.
Contact
MPC Capital AG
Stefan Zenker
Head of Investor Relations & Public Relations
Tel. +49 40 38022-4347
e-mail: s.zenkernoSpam@mpc-capital.com
MPC Caribbean Clean Energy completes financial close of Monte Plata Phase II
ST. MICHAEL, Barbados – 23 December 2023 – MPC Caribbean Clean Energy Fund LLC announced the…
MPC Caribbean Clean Energy completes financial close of Monte Plata Phase II
ST. MICHAEL, Barbados – 23 December 2023 – MPC Caribbean Clean Energy Fund LLC announced the financial close of Phase II of Monte Plata solar park in the Dominican Republic. The Phase II attracted a project finance loan from the Dutch development finance institution FMO; the Panamanian financial institution and asset manager CIFI; and the CIFI Sustainable Infrastructure Debt Fund, which channels resources toward sustainable infrastructure development in Latin America and the Caribbean.
MPC Caribbean Clean Energy Fund (the Investment Company of the regionally publicly listed MPC Caribbean Clean Energy Limited) indirectly holds a shareholding of approximately 36% in the asset.
The Monte Plata solar park, which currently sells all its generated power under a 20-year US-dollar denominated PPA to the state-owned Dominican Corporation of State Electrical Companies, was the first utility-scale power station in the Dominican Republic and was also the largest project of its kind in the Caribbean at the time of commissioning in 2016.
In Phase II, the project has undergone significant expansion, reaching an installed solar PV capacity of 75.6 MWp. This expansion involved securing a new 15-year US-dollar denominated PPA for an additional 42.2 MWp of solar PV capacity. The commissioning and commercialization of this expanded capacity are anticipated to yield a combined annual energy production of approximately 116,000 MWh. The COD of Phase II is projected to occur in the fourth quarter of 2024.
Gözde Kurusoy, Director Project Finance at MPC, expressed, “Over its operational lifespan, the expanded solar park is poised to mitigate the production of nearly 1.5million tonnes of CO2 during the life span of 20 years. The financial closure of Phase II underscores MPC Caribbean Clean Energy Fund's commitment to the Dominican Republic, fostering economic growth, supporting the transition to a low-carbon economy, and driving positive community and social impact.”
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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 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). More details at www.mpc-cleanenergy.com
About MPC Capital AG
MPC Capital AG is an international asset and investment manager for real asset investments. Together with its subsidiaries, the company develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. Its asset categories of focus are Real Estate, Shipping and Infrastructure. MPC Capital AG is listed on the stock exchange (MPCK) since 2000 and has around 300 employees group-wide. More details at www.mpc-capital.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago
Reina Henry
cmb Limited
Email: reina.henry@cmbcreative.com
About CIFI
CIFI is the leading non-bank financial institution and Asset Manager in infrastructure and energy financing across Latin America and the Caribbean. With involvement in over 200 transactions valued at more than US$1.8 billion, CIFI has mobilized over US$20 billion in capital since 2001. It provides diversified portfolio management services while mitigating ESG risks.
More info: www.cifi.com
You can also follow us on x: @cifi_finance or on LinkedIn
About CIFI's Sustainable Infrastructure Debt Fund, LP
This fund is tailored to support infrastructure projects that are both economically feasible and environmentally and socially responsible, signifying CIFI's continued commitment to sustainable investment.
More info: https://cifi.com/am/sustainable-fund-investment/
Media contact CIFI
Marisa Urrutia | Communications Officer
T +507 8338580
Email: marisa.urrutianoSpam@cifi.com
This communication is targeted at, and subscription in MPC Caribbean Clean Energy Limited (the "Company") is only open to, prospective investors that are resident in one or more of the following jurisdictions and not in any other jurisdiction: Jamaica and Trinidad and Tobago. Any offer or sale of securities may in certain jurisdictions be restricted by law. The communication does not constitute an offer to sell or a solicitation of an offer to buy interests in the Company in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. In particular, this communication is not an offer of securities for sale in the United States or to any US person (as defined for purposes of US securities laws in general, and the Securities Act of 1933, as amended, in particular), and such offers and sales may not be made in the United States absent registration or exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain additional, detailed information regarding the statements made herein.