MPC Capital signs MOU with the Mico Foundation

MPC Capital and the Mico Foundation have signed a memorandum of understanding (MOU) to install a rooftop solar PV facility with a peak capacity of 2 MW at The Mico University College. Power generation is expected to start in Q2 2020.

Neoen, one of the world’s leading renewable energy independent power producers and the majority shareholder in Paradise Park, a 51.5 MWp PV farm based in Westmoreland, Jamaica, together with the solar park’s co-shareholders, Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, is today announcing the energization and commencement of its operations at the plant. The construction and maintenance of the project was awarded to Eiffage Energía.

Neoen, together with Rekamniar, won in a tender launched by the Jamaican Office of Utilities Regulation (OUR). Paradise Park now delivers to Jamaica’s national utility, the Jamaica Public Service Company Limited, the cheapest electrical energy ever produced in Jamaica - with a base tariff of USD 85/MWh - through a 20-year power purchase agreement.

Xavier Barbaro, CEO of Neoen, stated:“The start of operations of the Paradise Park solar farm is an important achievement for Neoen and combines significant economic impact by producing the cheapest electricity on the island with a strong social impact through the creation of more than 300 direct jobs during the construction period and the training of students of surrounding communities in partnership with the Clinton Foundation. The development and construction of Paradise Park illustrates Neoen’s unique capabilities to bring together, in partnership with Jamaican local and international stakeholders, first class lenders such as Proparco and FMO, donors such as USAID and leading construction and equipment manufacturers. We are proud to have delivered this flagship project and look forward to capitalizing on this successful experience.”

Angella Rainford, Managing Director of Rekamniar Frontier Ventures, said: “The Paradise Park project exemplifies the possibility for Jamaica and other emerging market countries to achieve cost savings while enhancing sustainability and resilience in their economies through the adoption of renewables. At Rekamniar, we are proud to have been a part of this significant achievement by the Jamaican people. We continue to develop such projects across the region and, via our sister company, Soleco Energy, are implementing a complementary distributed generation strategy for the Caribbean.”

David Delaire, Managing Director of MPC Renewable Energies, added: “Paradise Park is a key milestone for Jamaica and the wider CARICOM region. It represents the collaborative and cooperative efforts of private and public partnerships in order to transition Jamaica and the CARICOM region to a clean and sustainable environment powered by renewable energy. We at MPC Capital are so proud to deliver a high-quality investment that also represents our commitment to creating long-term and sustainable value with direct investments in renewable energy assets for our investors and stakeholders. Jamaicans can participate and benefit from this landmark solar park through the Jamaica Stock Exchange listed MPC Caribbean Clean Energy Ltd. In accordance with the mandate of the Fund, we continue to evaluate additional investment opportunities in the renewables sector for both institutional and retail investors who wish to capitalise on opportunities in the growing market. The region has the natural resources that are abundantly available and the right legislative and regulatory framework, administrative practices and commitment to attract investors such as MPC Capital.”