Press Release/Comment: MPC Caribbean Clean Energy Limited commences trading at the USD Equity Market of the Trinidad & Tobago Stock Exchange
On behalf of the MPC Capital and the Company, I extend warm salutations. We are witnessing history as we assemble here today for the listing of the first of its kind, acting as a true pioneer, MPC Caribbean Clean Energy Limited, which is solely dedicated to clean energy investments and we are very proud to see the IPO process being completed today.
The foundation for this successful listing today, is the culmination of a journey which started in October 2016, when we visited an abandoned sugar cane farm in Westmoreland, Jamaica, for the first time. Today, on this piece of land, MPC and our partners are currently building the Paradise Park solar PV power plant, which will be largest solar park in the CARICOM. The solar park attracted about USD 64 million of foreign direct investments from banks and equity investors. It is creating more than 275 jobs during construction employing mainly local workers from the surrounding communities and have also brought heightened awareness of renewable energies to the communities through our engagement programs. Paradise Park is the nucleus of our activities and have shown us the tremendous potential for renewable energy in the Caribbean. It will start generating electricity in July 2019 consequently, making solar PV power the cheapest source of energy in Jamaica. Coupled with the acquisition of an operational wind farm in Costa Rica, these two projects will provide renewable energy to approximately 100,000 homes. We have outlined a strategy to acquire more projects in which we are confident will supply more than 1,000,000 homes with power produced by renewable energy in the Caribbean.
We strongly believe that the economic benefits and return on investments should not only be harvested by foreign investors, but also by the institutions and individuals of the region. On this basis, we decided to initiate this IPO in summer 2019. Looking back - it was a fairly complex undertaking to cross-list a Barbados-domiciled company at the stock exchanges of Jamaica and T&T. Differences in local regulation, law and practices were not easy to overcome.
In this regard, we would like to extend our gratitude to the FSC and TTSEC. The cooperation with both institutions was very efficient and we worked very closely together to find practical solutions on all matters. Thank you. Furthermore, we would like to thank the TTSE and JSE for their relentless support on the actual listing. Thank you.
A special “thank you” goes to the Commissioner and the Central Finance Facility for their cooperation. The Credit Unions, in the same way as the Development Bank of Jamaica, truly understand what this company is about. It is about transforming the energy sector; creating job opportunities; and fighting the disastrous impact of climate change in Jamaica, in Trinidad & Tobago and in the Caribbean region. There is an ancient Chinese proverb that goes: When the wind of change blows, some people build walls, others build windmills (it is clear that we have chosen the latter).
Last but not least, we would like to thank our lead brokers JN Fund Managers in Jamaica and First Citizens in Trinidad and Tobago as well as our legal advisers MH&CO and Hamel Smith. Thank you.
But most importantly, we want to thank our 241 new shareholders for their trust and sharing our vision.
To end my speech with another proverb: “The stone age did not end with a lack of stones. And the fossil fuel age will not end with a lack of oil and gas, but in better alternatives.”
Let us move the alternatives forward together.
On behalf of the Issuer, MPC Caribbean Clean Energy Limited