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…
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 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…
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.
MPC Caribbean Clean Energy Announces Plans for Strategic Reorganization of its Group Structure
ST. MICHAEL, Barbados – 10 May 2023 – MPC Caribbean Clean Energy Limited (MPCCEL) has announced plans for a strategic reorganization of its group…
MPC Caribbean Clean Energy Announces Plans for Strategic Reorganization of its Group Structure
ST. MICHAEL, Barbados – 10 May 2023 – MPC Caribbean Clean Energy Limited (MPCCEL) has announced plans for a strategic reorganization of its group structure, which aims to simplify the organization and reduce administrative costs. The reorganization should also enhance the company’s corporate governance through the appointment of an additional independent director. The leaner structure is expected to reduce annual operating expenses by up to 25%.
Under the new structure, all assets of the MPC Caribbean Clean Energy Fund LLC (MPCCEF or the Fund) will be transferred to MPC Caribbean Clean Energy Limited, which will obtain full ownership of the Fund’s interests in renewable energy projects and operating assets across the Caribbean and Central America. The reorganization will only represent a change in legal structure with no change of ultimate beneficial ownership, while reducing one intermediate layer.
In 2019, MPC Caribbean Clean Energy Limited was a pioneer in becoming the first publicly listed company in Jamaica and Trinidad and Tobago with the sole focus on clean energy investments across the Caribbean Basin and selected Central American countries.
Martin Vogt, Managing Director, MPC Capital: “The Fund has closed its capital raising and investment period and we expect all remaining capital to be deployed in projects in 2023. We see a growing market opportunity and investment interest in this industry in the region. The transformation and reorganisation should enable the company not just to save significant administrative costs and provide for much greater financial and operational transparency, but most importantly position itself for future growth in the Caribbean’s renewable energy market. MPC Capital will continue to support the company as a key shareholder.”
The 14.31% shares in the MPC Caribbean Clean Energy Fund LLC currently held by MPC Capital AG will be transferred to MPC Caribbean Clean Energy Limited in exchange for additional Class B shares to be issued by the listed company. This swap will increase MPC Capital AG’s indirect stake in MPC Caribbean Clean Energy Limited from currently 3.19% to approximately 22.2%, ultimately becoming one of its Top 3 shareholders. There will be no economic dilution to the existing Class B Shareholders from the issuance of the additional Class B Shares to a nominee of MPC Capital AG.
Subject to MPCCEL shareholder approval at the upcoming annual general meeting and regulatory approvals, the contemplated transaction and group reorganization are expected to be completed by Q4 2023.
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 asset and investment manager for real assets in the areas of real estate, renewables, and shipping. Its range of services includes the selection, initiation, development and structuring of investments, through active management to divestment. With approximately 200 employees and over 25 years of experience, MPC Capital offers institutional investors access to investments in selected markets with attractive growth and return opportunities. As a responsible company with a family background that has been listed on the stock exchange since 2000, MPC Capital contributes to meeting the financing 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 Caribbean Clean Energy refinances loan for Tilawind project
ST. MICHAEL, Barbados – 9 January 2023 – MPC Caribbean Clean Energy Limited has announced today that refinancing for the Tilawind project has been…
MPC Caribbean Clean Energy refinances loan for Tilawind project
ST. MICHAEL, Barbados – 9 January 2023 – MPC Caribbean Clean Energy Limited has announced today that refinancing for the Tilawind project has been finalized. Tilawind is an operational wind park in Costa Rica that is held by the MPC Caribbean Clean Energy Fund (the Investment Company of the regionally publicly listed MPC Caribbean Clean Energy Limited).
The new loan agreement was finalized with Banco Nacional and features a lower interest rate, a lower reserve balance and an improvement on repayment schedule.
Gözde Kurusoy, Director of Banking and Finance for Renewable Energies at MPC Capital, said: “With the improvement on the existing loan terms and conditions, we are able to increase the projected yield for investors. This again shows our active management of the assets and our strong commitment to support the energy transition towards a low carbon economy in the region.”
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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 atwww.mpc-cleanenergy.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago and 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 Caribbean Clean Energy completes acquisition of solar park in the Dominican Republic
ST. MICHAEL, Barbados – 12 May 2022 – MPC Caribbean Clean Energy Fund LLC announced the completion of the acquisition of the operational Monte Plata…
MPC Caribbean Clean Energy completes acquisition of solar park in the Dominican Republic
ST. MICHAEL, Barbados – 12 May 2022 – MPC Caribbean Clean Energy Fund LLC announced the completion of the acquisition of the operational Monte Plata solar park in the Dominican Republic. 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 of 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. The project attracted USD 38 million of senior debt from the Dutch and German development finance institutions FMO and DEG in 2018. The solar park has an operational capacity of 33.4 MWp.
The project will be expanded to 75.6 MWp of installed solar PV capacity. For the capacity expansion, a 15 year US-dollar denominated PPA for an additional 42.2 MWp of solar PV capacity was signed in October 2021. Since then all project development activities have been completed in parallel and construction was initiated in April 2022. The commissioning and commercialization of a combined annual energy production of approximately 118,000 MWh and then annual energy sales of 68,500 MWh from the expended capacity is expected to take place in Q2/Q3 2023. Financial closing with the current lenders FMO and DEG is expected to be achieved shortly. Over the course of its operational lifespan the expanded solar park will help avoid the production of nearly 2 million tonnes of CO2.
With regards to the social and economic benefits for neighboring communities, the project expects to generate around 300 direct jobs and close to 1,000 indirect jobs at its peak stage of construction similar to how it did during phase 1.
Gözde Kurusoy, Director Banking and Finance at MPC, said: “The Dominican Republic is the largest existing renewables independent power producer market in the Caribbean, with about 780 MW of installed wind and solar power capacity. The Dominican government intends to generate 25% of its energy from renewable sources by 2030 and plans to be CO2 neutral by 2050. To achieve these goals, the Dominican government has made the development of renewable energy projects a priority. Diversifying the country’s energy matrix and reducing reliance on fossil fuels will be important steps for the Dominican Republic’s future. With the financial close of this acquisition, MPC Caribbean Clean Energy Fund shows the commitment to accelerate economic growth, support the transition towards a low carbon economy and drive 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 atwww.mpc-cleanenergy.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago and 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 Caribbean Clean Energy Fund signs the acquisition of the Monte Plata solar park in the Dominican Republic
ST. MICHAEL, Barbados – 04 June 2021 – MPC Caribbean Clean Energy Fund LLC announced the signing of the acquisition of the operational Monte Plata…
MPC Caribbean Clean Energy Fund signs the acquisition of the Monte Plata solar park in the Dominican Republic
ST. MICHAEL, Barbados – 04 June 2021 – MPC Caribbean Clean Energy Fund LLC announced the signing of the acquisition of the operational Monte Plata solar park in the Dominican Republic. MPC Caribbean Clean Energy Fund (the Investment Company of the regionally publicly listed MPC Caribbean Clean Energy Limited) led an equity consortium comprised of ANSA McAl and two minority investors from the Dominican Republic and Canada, that together intends to acquire the full ownership of the asset. The seller is United Renewable Energy Co. Ltd, a Taiwanese solar module producer and system integrator. The closing of the transaction is subject to customary conditions and expected to take place in Q3 2021. MPC Caribbean Clean Energy Fund will indirectly hold a shareholding of approximately 36% in the asset.
The Monte Plata solar park, which currently sells all of 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. The project attracted USD 38 million of senior debt from the Dutch and German development finance institutions FMO and DEG in 2018. The solar park has an operational capacity of 33.4 MWp which is set to be extended to approximately 74 MWp by 2022. This will increase its energy production to around 115,000 MWh per annum. Over the course of its operational lifespan the expanded solar park will help avoid the production of nearly 2 million tonnes of CO2.
Gözde Kurusoy, Director of Banking and Finance for Renewable Energies at MPC, said: “The Dominican government’s renewable energy roadmap set a target to reduce greenhouse gas emissions by 25% by 2030 compared to 2010. It aims to do this by diversifying the generation base away from fossil fuels. We are committed to invest in the transition to cleaner energy infrastructure to help make the region more resilient and independent.
“With this acquisition, MPC Caribbean Clean Energy Fund fosters its leading role and expanding its regional presence with operational solar and wind assets in Jamaica, Costa Rica, El Salvador and now the Dominican Republic. We are very pleased to add such an attractive asset to our portfolio and this along a strong consortium of experienced regional and international investors. This acquisition is evidence of our commitment to accelerate economic growth, support the transition towards a low carbon economy and drive community and social impact even during such challenges times that the region experiences with the COVID-19 pandemic.”
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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 atwww.mpc-cleanenergy.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago and Jamaica
Shiva Orie
cmb Limited
Email: shiva.orienoSpam@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.
Funds managed by RBC Trust commit USD 10 million to MPC Caribbean Clean Energy Limited
ST. MICHAEL, Barbados – 9 November 2020 – MPC Caribbean Clean Energy Limited has announced today that RBC Trust (Trinidad and Tobago) Limited, a…
Funds managed by RBC Trust commit USD 10 million to MPC Caribbean Clean Energy Limited
ST. MICHAEL, Barbados – 9 November 2020 – MPC Caribbean Clean Energy Limited has announced today that RBC Trust (Trinidad and Tobago) Limited, a subsidiary of RBC Financial Caribbean Limited, has committed USD 10 million to the company. RBC Trust made this investment on behalf of its managed clients’ accounts. The feeder-vehicle was established to enable local investors such as pension funds, insurance companies, or credit unions to participate and benefit from the energy transition in the region and invests the capital into the MPC Caribbean Clean Energy Fund LLC. The company has collected more than USD 30 million from regional institutional investors since 2019. The commitment is subject to pending approval of the Trinidad and Tobago Securities and Exchange Commission.
The investment demonstrates the trust and appetite of the local institutional investor community for the renewable energy sector as well as commitment to aid the energy transition towards renewable energies in the Caribbean region. It is also in line with the companies’ global strategy and commitment to accelerate clean economic growth, support low-carbon transition and positive community and social impact.
Martin Vogt, Managing Director Renewable Energies at MPC Capital, said: “We are honored to have RBC Trust as a partner and financier of our renewable energy business. The conditions for the use of solar and wind power in the region are excellent. With the impact of COVID-19 on the region and the growing demand for low-carbon power supply, we are determined to invest in the transition to clean energy infrastructure in the Caribbean to make it more resilient and independent. The private sector plays a crucial role in mobilizing capital for investment and job creation, and we want our activities to help promote green recovery.”
MPC Renewable Energies GmbH, a wholly owned subsidiary of the publicly listed German asset and investment manager MPC Capital AG, is the investment advisor to the fund manager of MPC Caribbean Clean Energy Fund LLC.
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media Contacts
Jamaica
Susan Fox
The Marketing Counselors
(876) 927-8565/66
Susan.foxnoSpam@tmcjamaica.com
Trinidad & Tobago
Shiva Orie
cmb Limited
Email: shiva.orienoSpam@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.
Information to shareholders about Covid-19
In view of the current uncertainty, we would like to inform you about the companies’ measures in response to the outbreak of the corona virus disease 2019 (COVID-19), commonly known as coronavirus.
Information to shareholders about Covid-19
To all our shareholders and business partners,
First of all, we hope that this message finds you well and you are in good health in spite of the current circumstances affecting the entire world.
In view of the current uncertainty, we would like to inform you about the companies’ measures in response to the outbreak of the corona virus disease 2019 (COVID-19), commonly known as coronavirus.
In principle our investment and the operations of the MPC Caribbean Clean Energy Fund (the Fund) are not directly affected yet and this includes the energy production of the Funds’ assets in Jamaica and Costa Rica. The assets are fully operational.
The Executive Management is closely monitoring the situation in order to minimize any potential affections, and we are also following the guidance issued by the authorities in the countries in which we have operations in order to prevent the spread of the coronavirus. The Fund has put together a series of measurements to protect the health and safety of its staff.
MPC Caribbean Clean Energy Limited is committed to our shareholders and business partners to ensure the minimum impact to our operations.
Some of the measures we have taken include:
- Implementation of HSE measures and guidelines as provided by local authorities in each country;
- If possible, staff is working from home; - Suspension of all non-essential travel;
- 24/7 remote asset monitoring from our central control center.
Furthermore, we strongly encourage everyone to follow the guidance of the World Health Organization (https://www.who.int/emergencies/diseases/novel-coronavirus-2019/advice-for-public) for basic protective measures against the new coronavirus.
We will keep you informed of any developments in case of any situation.
If you need further information, do not hesitate in contacting us at irnoSpam@mpc-cleanenergy.com.
Sincerely,
Fernando Zúñiga, Chairman of the Board
MPC Caribbean Clean Energy Limited
MPC Caribbean Clean Energy Ltd. closes rights issue
MPC Caribbean Clean Energy Ltd. (“the Company”) announced the closing of its renounceable rights issue. At the closing, the
Company sold and issued 10,242,382 new Class B shares, increasing the share capital to approximately 21,500,000 USD now.
MPC Caribbean Clean Energy Ltd. closes rights issue
The clean energy investment specialist will use the capital raised to sharpen its profile in the Caribbean region
ST. MICHAEL, Barbados – 31 January 2020 – MPC Caribbean Clean Energy Ltd. (“the Company”) announced the closing of its renounceable rights issue. At the closing, the Company sold and issued 10,242,382 new Class B shares, increasing the share capital to approximately 21,500,000 USD now.
The subscription price for new shares was set at JMD 140.00 per share for applicants subscribing in Jamaica and USD 1.00 per share for applicants subscribing in US dollar. From 13 November 2019 until 10 January 2020, the Company’s existing shareholders were able to purchase two new shares for every share already held and new investors were able to purchase renounced shares from the existing shareholders. Subject to the approvals of the stock exchanges, the listing of the new Class B shares is expected to occur in early February.
MPC Caribbean Clean Energy Ltd. will use the capital raised to enable investments by the MPC Caribbean Clean Energy Fund LLC (the “Fund”) into additional renewable energy projects in the Caribbean. The Fund aims to further develop and refine its renewables platform in the region, while also offering new, attractive investment opportunities.
Martin Vogt, Managing Director at MPC Renewable Energies, said: “We enable investors to invest in the future. Eco-consciousness and attractive returns aren’t mutually exclusive, especially in an area as attractive as the Caribbean. The investor-friendly political environment coupled with a natural abundance of green energy resources provides an ideal framework for cashing in on renewable infrastructure assets. We are seeing strong interest from investors in these markets who have not yet been able to invest and will also offer these investors a platform to participate in this highly interesting growth market.”
“Today, the Company’s share price on the JSE Main Market stands at 202 JMD compared to 130 JMD at the IPO one year ago” Fernando Zúñiga, Executive Director of the Company adds. “We also returned a first dividend to our shareholders only nine months after the IPO yielding an 8.9 percent on share capital. With the closing of this Rights Issue we nearly doubled our share capital within 12 months and further diversified our shareholder structure. The Company attracted capital from existing and new instititutional investors evidencing the attractiveness of our business model for investors seeking long-term investments with stable cash flows and strong yields. Unfortunately, we are also experiencing obstacles in attracting capital for the Company due to the regulatory frameworks and availability of US dollar in the non-Jamaican markets such as Trinidad and Tobago as well as Barbados. The Board would like to thank our existing and new shareholders for their trust and sharing our vision and thank our lead brokers JN Fund Managers Ltd. and First Citizens Brokerage and Advisory Services Limited for their continued support.”
MPC Caribbean Clean Energy Ltd. launches USD 22 million rights issue to boost investment into new renewable energy projects
MPC Caribbean Clean Energy Ltd. (“the Company”) today announced the launch of a capital increase via an offering of renounceable subscription rights to existing shareholders (“Rights Issue”). The Company expects to issue up to 22,848,320 new shares.
MPC Caribbean Clean Energy Ltd. launches USD 22 million rights issue to boost investment into new renewable energy projects
Subscription ratio: 2 new shares for every 1 existing share
Subscription price:
- for applicants subscribing in Jamaica: JMD140.00 per new share, based on a reference rate of USD1.00 to JMD140.00
- for applicants subscribing in Trinidad and Tobago: USD1.00 per new share
Subscription period: 13 th November 2019 until 16th December 2019 inclusive
ST. MICHAEL, Barbados – 7 th November 2019 – MPC Caribbean Clean Energy Ltd. (“the Company”) today announced the launch of a capital increase via an offering of renounceable subscription rights to existing shareholders (“Rights Issue”). The Company expects to issue up to 22,848,320 new shares.
The Rights Issue will allow the Company, which has been formed to facilitate and participate in renewable energy project investments of the MPC Caribbean Clean Energy Fund LLC (“the Fund”), to increase its equity contribution in the Fund. The Fund itself will invest the capital in new clean energy projects in the wider Caribbean region.
Each shareholder of the Company will receive a renounceable subscription right to purchase two shares of the Company’s common stock (Class B Shares) for each share of the Company’s common stock held on 8 th November 2019. The subscription price for new shares has been set at JMD140.00 per share for applicants subscribing in Jamaica and USD 1.00 per share for applicants subscribing in Trinidad and Tobago.
The subscription period will run from 13th November 2019 until 16th December 2019 inclusive. Commencement of trading for the new shares is subject to the Jamaica Stock Exchange and the Trinidad and Tobago Stock Exchange’s approval of the Company’s application to list the new shares.
Martin Vogt, Managing Director at MPC Renewable Energies, said: “We are confident that the investor sentiment for renewable energy investments in the Caribbean is favorable for the Rights Issue. Investors are becoming more and more familiar with the sector gaining relevant experience which nurtues the growing appetite for our stock as well. The global and regional outlook for the renewable energy sector remains excellent. Since the IPO last year and with its first dividend of USD 8.9 cents per share in September of this year, the Company also demonstrated the financial soundness of investments in the renewable energy assets. The Rights Issue represents now an excellent opportunity for the Company’s existing shareholders to purchase additional shares and grow their exposure to the regional clean energy sector. The proceeds will be invested into the Fund and then used for investments in renewable infrastructure assets, especially solar PV parks and wind farms, in the Caribbean Basin.”
“We have a pipeline of 14 clean energy projects, including projects in Jamaica, Trinidad and Tobago, El Salvador, Barbados and Dominican Republic, that account for 320 MW and will enable us to support the region on its journey to a green future,” Mr Vogt continued. “The Caribbean community (Caricom) plans to add more than 5.3 GW of renewable energy capacity to its power mix in the next eight years – and we have the firm intention to play a major role in that transition.”
MPC Renewable Energies GmbH, a wholly-owned subsidiary of the publicly listed German asset and investment manager MPC Capital AG, is the investment advisor to the Fund. The investment advisor’s management team consists of Martin Vogt, Managing Director and Head of Origination, David Delaire, Managing Director and Head of Asset Management, and Fernando Zúñiga, Director and Head of Central America & Caribbean.
About MPC Caribbean Clean Energy Ltd.
MPC Caribbean Clean Energy Ltd 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 & Tobago to invest in renewable energy assets. The Company invests in renewable energy projects via MPC Caribbean Clean Energy Fund LLC, the leading specialized fund which invests in Jamaica, Trinidad and Tobago and the wider Caribbean basin.
MPC Renewable Energies GmbH, with its extensive renewable energy experience, is a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital AG. After conducting indepth research and analysis of the Caribbean market, it created the MPC Caribbean Clean Energy Fund LLC and MPC Caribbean Clean Energy Ltd. to enable investments into the Caribbean renewable energy market. More details and the prospectus of the Rights Issue available for download at www.mpc-cleanenergy.com
CONTACTS
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: infonoSpam@mpc-cleanenergy.com
Media contact
Melissa Dassrath
cmb Limited, Charlieville, Trinidad, W.I.
Phone: (868) 797-7191
melissa.dassrathnoSpam@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.
Energization of the Paradise Park Solar Farm in Jamaica and commencement of its operations
The project, majority-owned by Neoen alongside Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, is now energized and was inaugurated on October 2nd, 2019 in the presence of the Prime Minister of Jamaica, the Most Honourable Andrew Holness.
Energization of the Paradise Park Solar Farm in Jamaica and commencement of its operations
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.”
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.
MPC Capital signs MOU with the Mico Foundation
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.”
MPC Caribbean Clean Energy Ltd. announces dividend distribution
The Board of Directors of MPC Caribbean Clean Energy Ltd. (“the Company”) has declared an Interim Dividend of USD 0.0888 per Class B share (approximately JMD 12.00 per share). The Record Date has been set at 16th of September for the Interim Dividend to be paid to the shareholders on 27th of September.
MPC Caribbean Clean Energy Ltd. announces dividend distribution
The Barbados-based investment company beats expectations in more than one way
ST. MICHAEL, Barbados – 2nd September 2019 – The Board of Directors of MPC Caribbean Clean Energy Ltd. (“the Company”) has declared an Interim Dividend of USD 0.0888 per Class B share (approximately JMD 12.00 per share). The Record Date has been set at 16th of September for the Interim Dividend to be paid to the shareholders on 27th of September.
Since its Initial Public Offering (IPO) in January, the Company is cross-listed on the Jamaica stock exchange and the Trinidad and Tobago stock exchange with key shareholders including Development Bank of Jamaica, Teachers Credit Union and funds managed by Sagicor Jamaica, and JN Group.
Fernando Zúñiga, Executive Director, said: “Being able to distribute the first dividend only nine months after the IPO represents a huge success for the Company. The dividend corresponds to 8.9% on share capital and exceed our initial projections in the IPO prospectus substantially. This places MPC Caribbean Clean Energy Ltd. among the top dividend-paying stocks on the Jamaica and the Trinidad and Tobago stock exchanges. The shareholders will receive the dividend in US Dollar currency.”
“We focus on shareholder value creation and aim for capital appreciation and regular dividend distributions in the future ,” Mr Zúñiga continued. Martin Vogt, Managing Director of MPC Renewable Energies adds: “Investors are hungry for Caribbean renewable energy projects and our investment fund matches their demands perfectly. And through the Company, the people and institutional investors in Jamaica and Trinidad and Tobago can earn an attractive return from investments in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region. Every shareholder supports the energy transition to a low carbon future.”
Investments of the Fund include Paradise Park, a 51 MWp solar PV plant in Jamaica, and Tilawind, a 21 MW wind farm in Costa Rica. Paradise Park, the seed asset for the Fund, started energy production in June this year and is now a revenue-generating facility. The successful completion of the project will be celebrated in a ceremony in the presence of Jamaica’s Prime Minister, The Most Honourable Andrew Michael Holness, in early October. Tilawind, the second acquisition of the Fund, is operational since 2015 and exceeded operational and financial performance materially in 2019. With a capacity factor of 59.8% and an technical availability of 97.3%, the Tilawind wind farm demonstrated its operational excellence during the first six months of 2019. The asset has the potential for expansion and to double its peak capacity.
Mr Vogt noted: “The market outlook for renewable energy assets in the Caribbean is excellent. We have about 400 MW of projects in the pipeline and are exploring new solar PVand wind investments in Jamaica, Barbados, Trinidad and Tobago and other markets in the region. With these pipeline projects in mind, the Company is continuing to explore options to grow its capital base in order to increase its investment in the Fund.”
MPC Caribbean Clean Energy Fund LLC (“the Fund”) and the Company have been initiated by MPC Renewable Energies, the clean energy investment specialist and a wholly-owned subsidiary of MPC Capital. About MPC Caribbean Clean Energy Ltd. MPC Caribbean Clean Energy Ltd. 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 & Tobago to invest – through the MPC Caribbean Clean Energy Ltd. – 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 clean energy investment specialist MPC Renewable Energies GmbH, a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital AG, has initiated the MPC Caribbean Clean Energy Ltd. and MPC Caribbean Clean Energy Fund LLC based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market. More details at www.mpc-cleanenergy.com
MPC Capital expands its footprint in Central America
MPC Capital has acquired a 6.5 MWp solar PV project under development in El Salvador. The project has signed a 20-year USD-denominated power purchase agreement (PPA) with CAESS, the local subsidiary of the US-based energy company AES. This is MPC Capital’s second investment in Central America, after Tilawind, the 21 MW operating wind farm in Costa Rica.
MPC Capital expands its footprint in Central America
Distributed generation project in El Salvador to be finalised next year
HAMBURG, Germany – 30 July 2019 – MPC Capital has acquired a 6.5 MWp solar PV project under development in El Salvador. The project has signed a 20-year USD-denominated power purchase agreement (PPA) with CAESS, the local subsidiary of the US-based energy company AES. This is MPC Capital’s second investment in Central America, after Tilawind, the 21 MW operating wind farm in Costa Rica.
The development of the distributed generation project was led by Rogelio Castro Vasquez, CEO of Geo Ingeniería, a regional engineering firm, and the local Salvadorean partner Tecnica Internacional. Construction is targeted to begin in Q4 2019, with energy production expected to start in Q2 2020. MPC Capital is currently in the process of finalising the engineering, procurement and construction (EPC) and the project financing with commercial lenders. Total investment volume is expected to be up to USD 7.5 million.
Renewable energies are the main source of electricity production in El Salvador. More than 60% of the energy generated in the country comes from clean and renewable sources, largely thanks to the country’s efforts to diversify its power mix.
Fernando Zúñiga, Director for Central America and the Caribbean at MPC Renewables Panama, a wholly-owned subsidiary of MPC Capital, said: “We are delighted to secure this project for the MPC Caribbean Clean Energy Fund. The project fits our strategy very well as we are continuously building up our diversified investment portfolio of selected high-quality renewable energy assets in the Central American and Caribbean region. The renewable energy market in El Salvador is very promising, not least due to the strong political support and the attractive regulatory framework. The distributed generation project combined with excellent relationships with our local partners and strong, bankable offtakers enables us to penetrate this growing sector.”
“Distributed power generation plays an important role in the modern energy market and transition towards a low-carbon future,” Mr Zúñiga added. “The shift towards decentralised energy systems means that electricity is being generated closer to where it will be used, leading to reduced grid infrastructure costs and lower transmission losses.”
Rogelio Castro Vasquez noted: “El Salvador is a promising market and distributed energy is the key to fulfill the needs of it. The market has its own advantages such as the currency, avoiding the problem of exchange rate. The support for renewables from the government is also important to accelerate the permitting process. The experience of Geo Ingeniería in the regional market and the expertise of Tecnica Internacional on the local side have been fundamental for the success of the project as well. El Salvador strives to make steady progress towards diversifying its energy sources – and rightly so. We need to further decrease fossil fuel dependency and add more renewable capacity, ideally by harnessing the benefits of distributed power generation. We are proud to support the country on its journey to a diversified energy mix.”
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 Capital’s solar PV plant Paradise Park starts energy production
Paradise Park, a 51 MWp solar PV park in Westmoreland, Jamaica, starts energy production. Investors include MPC Caribbean Clean Energy Fund (“the Fund”), MPC Capital's investment platform for renewable energies in the CARICOM region, Neoen and EREC-Co Invest.
MPC Capital’s solar PV plant Paradise Park starts energy production
Paradise Park, the first acquisition of the MPC Caribbean Clean Energy Fund, has reached an operational milestone
HAMBURG, Germany – 28 June 2019 – Paradise Park, a 51 MWp solar PV park in Westmoreland, Jamaica, starts energy production. Investors include MPC Caribbean Clean Energy Fund (“the Fund”), MPC Capital's investment platform for renewable energies in the CARICOM region, Neoen and EREC-Co Invest.
Paradise Park, the seed asset for the Fund, is now a revenue generating facility, which is of particular importance to early investors in the Fund. For at least the next 20 years, Paradise Park park will be using solar energy to produce green electricity at USD 0.085 per kWh. At the time of production start, Paradise Park is the cheapest source of power generation in Jamaica.
After an intense twelve months of construction, the solar PV park was energized on June 6th and JPS confirmed its acceptance on June 23rd. The project company (Eight Rivers Energy Company Limited or “EREC”) and the EPC contractor are now finalizing the facility. At the peak of its construction activities, Paradise Park employed more than 300 personnel. Over 70% of workers were from Jamaica, mainly from the surrounding communities.
David Delaire, Managing Director of MPC Renewable Energies, said: “Paradise Park, which is now part of our operational portfolio, signifies our commitment to increase renewable energy production in Jamaica and the wider CARICOM region. We have actively participated in the administrative and construction management activities of Paradise Park and are pleased with the outcome.”
“We plan to continue the close collaboration with our partners during the operational phase of this project and will be actively monitoring its performance on a real-time basis. The main focus lies on ensuring that our shareholders’ interests and expectations are being met,” Mr Delaire added. “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.”
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 Capital expands its Caribbean renewables platform into Barbados
MPC Capital today announced the further expansion of its development and investment activities in the Caribbean and Central American region. The company, which is already active in Jamaica, Costa Rica, Panama, Trinidad & Tobago and Colombia, has now entered the renewable energy market in Barbados.
MPC Capital expands its Caribbean renewables platform into Barbados
MPC Capital today announced the further expansion of its development and investment activities in the Caribbean and Central American region. The company, which is already active in Jamaica, Costa Rica, Panama, Trinidad & Tobago and Colombia, has now entered the renewable energy market in Barbados.
MPC Capital has partnered with Guinea Estates Inc. for a first five MWp solar PV development in the eastern Caribbean island.
The project development activities are already being performed with an aim to begin construction in 2020. Together with its local partner, the firm intends to develop additional distributed generation solar PV projects of a similar size.
Martin Vogt, Managing Director at MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital, said: “We have closely monitored the renewable energy market in Barbados for the past three years. Under Prime Minister Mia Mottley and her administration, the investment climate and renewable energy framework have improved significantly in the last 12 months.”
“Strong political support is essential in order for us to enter into, and gain a foothold in new markets,” he continued. “We believe in the country’s commitment to be 100 per cent reliant on renewable energy by 2030 and are proud to support Barbados to achieve this goal. By actively pursuing and succeeding in obtaining attractive investment opportunities for the MPC Caribbean Clean Energy Fund, which began trading on the Jamaica Stock Exchange and Trinidad & Tobago Stock Exchange recently, we continue to demonstrate our role as a leading investor in the region.”
MPC Capital is in advanced discussions with other local stakeholders to secure more projects for the MPC Caribbean Clean Energy Fund, MPC Capital's investment platform for renewable energies in the Caribbean and Central American region.
The company aims to build a pipeline of wind and solar PV projects totalling up to 50 MW and with a total investment volume of approximately USD 75-100 million over the next few years in Barbados.
Vogt added: “In 2019, we are accelerating our investment activities in the Caribbean and Central American region. We have created a strong pipeline of wind, solar PV and energy efficiency projects for the MPC Caribbean Clean Energy Fund. We started our expansion in Barbados, but MPC Capital is also intensively reviewing other opportunities in Jamaica, the Dominican Republic and El Salvador.”
Find the whole articel here.
MPC Capital expands its Caribbean renewables platform into Barbados
MPC Capital today announced the further expansion of its development and investment activities in the Caribbean and Central American region. The company, which is already active in Jamaica, Costa Rica, Panama, Trinidad & Tobago and Colombia, has now entered the renewable energy market in Barbados.
MPC Capital expands its Caribbean renewables platform into Barbados
The international asset and investment manager strengthens its footprint in the Caribbean and Central American region
HAMBURG, Germany – 21 May 2019 – MPC Capital today announced the further expansion of its development and investment activities in the Caribbean and Central American region. The company, which is already active in Jamaica, Costa Rica, Panama, Trinidad & Tobago and Colombia, has now entered the renewable energy market in Barbados.
MPC Capital has partnered with Guinea Estates Inc. for a first 5 MWp solar PV development in Barbados. The project development activities are already being performed with an aim to begin construction in 2020. Together with its local partner, the firm intends to develop additional distributed generation solar PV projects of a similar size.
Martin Vogt, Managing Director at MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital, said: “We have closely monitored the renewable energy market in Barbados for the past three years. Under Prime Minister Mia Mottley and her administration, the investment climate and renewable energy framework have improved significantly in the last twelve months.”
“Strong political support is essential in order for us to enter into, and gain a foothold in new markets,” he continued. “We believe in the country’s commitment to be 100 percent reliant on renewable energy by 2030 and are proud to support Barbados to achieve this goal. By actively pursuing and succeeding in obtaining attractive investment opportunities for the MPC Caribbean Clean Energy Fund, we continue to demonstrate our role as a leading investor in the region.”
MPC Capital is in advanced discussions with other local stakeholders to secure more projects for the MPC Caribbean Clean Energy Fund, MPC Capital's investment platform for renewable energies in the Caribbean and Central American region. The company aims to build a pipeline of wind and solar PV projects totaling up to 50 MW and with a total investment volume of approximately USD 75-100 million over the next few years in Barbados.
Mr. Vogt added: “In 2019, we are accelerating our investment activities in the Caribbean and Central American region. We have created a strong pipeline of wind, solar PV and energy efficiency projects for the MPC Caribbean Clean Energy Fund. We started our expansion in Barbados, but MPC Capital is also intensively reviewing other opportunities in Jamaica, the Dominican Republic and El Salvador.”
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 Capital closes acquisition for 21 MW wind farm in Costa Rica
MPC Capital has reached financial close for the acquisition of the 21 MW wind farm Tilawind for approximately USD 50 million. Investors include MPC Caribbean Clean Energy Fund (“the Fund”), MPC Capital's investment platform for renewable energies in the CARICOM region, and ANSA McAL Limited, Trinidad and Tobago's largest conglomerate.
MPC Capital closes acquisition for 21 MW wind farm in Costa Rica
Tilawind is the second acquisition of the MPC Caribbean Clean Energy Fund
HAMBURG, Germany – 30 April 2019 – MPC Capital has reached financial close for the acquisition of the 21 MW wind farm Tilawind for approximately USD 50 million. Investors include MPC Caribbean Clean Energy Fund (“the Fund”), MPC Capital's investment platform for renewable energies in the CARICOM region, and ANSA McAL Limited, Trinidad and Tobago's largest conglomerate.
In 2018, Tilawind exceeded our forecasted expectations, in terms of energy production and revenues. The wind farm, which is located in Tilarán, in the northern province of Costa Rica, Guanacaste, is operational since 2015 and has the potential for future expansion of its peak capacity.
Tilawind is the second acquisition of the Fund, which has already invested in the 51 MWp solar PV park Paradise Park in Jamaica. MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital and the investment advisor to the Fund, originated and structured the transaction and is now responsible for the technical, commercial and administrative management of the wind farm.
David Delaire, Managing Director of MPC Renewable Energies, said: “Taking over the management of Tilawind wind farm gives us the opportunity to utilize our renewable energies asset management platform to optimize the performance of this asset. We look forward to expanding our services, not only in the Caribbean region and Central America but also globally to maximise shareholder value. We’re also eager to explore additional investment opportunities in the renewables sector for both institutional and retail investors who wish to capitalise on opportunities in the growing market.”
The acquisition was signed already in June 2018 with an economic transfer date as of January 2018. All customary approvals were granted in April 2019 enabling the closing of the acquisition.
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
German investor eyes green venture
German-based MPC Renewable Energies is planning to invest between US$75 million and US$100 million in wind and solar PV projects here over the next few years. - Nation News
German investor eyes green venture
by SHAWN CUMBERBATCH
shawncumberbatch@nationnews.com
INTEREST IN BARBADOS’ renewable energy sector is heating up.
German-based MPC Renewable Energies is planning to invest between US$75 million and US$100 million in wind and solar PV projects here over the next few years.
The company’s managing director Martin Vogt told the DAILY NATION this would likely result in “300 to 500 temporary construction jobs, and 30 to 40 full-time jobs during operations and maintenance”.
MPC Renewable Energies, whose parent company MPC Capital is partnering with Guinea Estates Inc. in St John, is planning to get started with construction of a five-megawatt (MW) solar photovoltaic (PV) development next year.
“The first project will require about US$6 million for construction and will be financed with debt and equity,” said Vogt. “If the project development is not materially delayed, construction could potentially start in Quarter 3 of 2020, with commissioning expected four to six months later.”
Monitored energy market
The official, who is based in Hamburg, explained: “Guinea Estates Inc. and MPC Capital are joint development partners, with Guinea steering the local development activities. Guinea is also the land owner that identifies and provides suitable land plots for solar PV developments, which are leased by the project.”
It is expected that the first solar project will provide jobs for “30 to 50 local workers from the surrounding communities. Operations and maintenance will lead to about five full-time jobs”.
In a recently issued announcement about the planned Barbados investments, Vogt said they had closely monitored the renewable energy market in Barbados for the past three years.
“Under Prime Minister Mia Mottley and her administration, the investment climate and renewable energy framework have improved significantly in the last 12 months. Strong political support is essential in order for us to enter into and gain a foothold in new markets,” he said.
Investment in region
“We believe in the country’s commitment to be 100 per cent reliant on renewable energy by 2030 and are proud to support Barbados to achieve this goal. By actively pursuing and succeeding in obtaining attractive investment opportunities for the MPC Caribbean Clean Energy Fund, we continue to demonstrate our role as a leading investor in the region.”
MPC Renewable Energies is “already active” in Jamaica, Costa Rica, Panama, Trinidad and Tobago and Colombia.
“Our projects in Jamaica and Colombia are making excellent progress. In fact, the 51 MW solar PV... Paradise Park in Jamaica is expected to be commissioned in June, thus becoming the largest solar park in the English-speaking Caribbean region and the cheapest source of energy on the island,” Vogt said.
“We kicked off our investment activities in Jamaica in 2016 and have since profited from the country’s economic and fiscal improvements. Jamaica embraces renewables as part of its long-term vision and has committed to transitioning to 50 per cent renewable energy by 2030.
“We strongly believe that Barbados has the potential to achieve similar goals, both economically and in terms of renewable energy. The country is already taking steps to further reduce the need for CO2-emitting fossil fuel energy, and we are confident that it will benefit greatly from stepping up its plans for renewables,” he added.
Copyright (c) 2019 Nation Publishing Co. Limited, Edition 06/04/2019 June 4, 2019 7:41 am (GMT +4:00)
DBJ invests in MPC Caribbean Clean Energy Limited
The Development Bank of Jamaica (DBJ) has announced that it has invested in the initial public offering, on the Jamaica Stock Exchange (JSE), of MPC Caribbean Clean Energy Limited (MPCCEL), which closed in December 2018.
DBJ invests in MPC Caribbean Clean Energy Limited
KINGSTON, JAMAICA The Development Bank of Jamaica (DBJ) has announced that it has invested in the initial public offering, on the Jamaica Stock Exchange (JSE), of MPC Caribbean Clean Energy Limited (MPCCEL), which closed in December 2018.
MPCCEL, which is a Barbados registered International Business Company, raised a combined US$11.4 Million on the local capital markets in Jamaica (JSE) as well as on the Trinidad and Tobago Stock Exchange (TTSE) for investment in MPC Caribbean Clean Energy Fund LLC (CCEF), which invests into renewable energy projects in the region. MPCCEL commenced trading on both stock exchanges on January 14th 2019 and has been set up to allow local private and institutional investors to benefit from the clean energy investments in the Caribbean.
The DBJ’s investment was one million United States Dollars (US$1 million) and represents a continuation of the DBJ’s strategy to be an anchor investor in private equity and venture capital funds, raising capital for investment in Jamaican businesses.
In recent years, the DBJ, through the Jamaica Venture Capital Programme (JVCP), has not only sought to build the ecosystem for private equity and venture capital in Jamaica, but has acted as an anchor investor in other funds which, to date, have invested some US$55M(J$7.4 billion).
Milverton Reynolds, Managing Director of the DBJ explains: “Our decision to invest in MPCCEL was made after a due diligence process and was taken against the background of not just an attractive long-term investment but also the fact that the company’s vision is aligned to both the DBJ’s and the Government of Jamaica’s, that is, ensuring Jamaica’s energy security and the need for the economy to move away from the heavy reliance on fossil fuel.
“We were encouraged and impressed with the investment strategy of MPC Caribbean Clean Energy Fund LLC and their commitment to become the leading investor of renewable energies for the Caribbean region.”
MPC Caribbean Clean Energy Fund LLC is managed by MPC Clean Energy Ltd. MPC and its team has a strong track record in the renewable energy space, with their footprint to be found throughout several regions of the world (Europe, Latin America, Sub-Saharan Africa, MENA and Asia). They bring significant emerging markets renewable energy experience to the region, and their combined experience and competencies in the industry in the areas of project management, infrastructure, asset management and private equity funding are a welcome addition, not only to the local renewable energy space, but also the local and regional capital markets, as investors now have access to new assets providing potentially long term risk-adjusted returns from our energy infrastructure.
Audrey Richards, Project Coordinator, JVCP in speaking to the team at CCEF states: “MPC was one of three fund managers which responded to our ‘call for proposals’ for fund managers interested in investing in Jamaican businesses.
“The team of investors (Investor Panel) that conducted the due diligence on CCEF was pleased with the company’s management team, their knowledge and experience of the renewable energy space, the company’s governance structure, and their strong commitment to supporting Jamaica’s social infrastructure.”
Martin Vogt, Managing Director of MPC Renewable Energies states: “Our goal is to become the leading investor in clean energy in the Caribbean region by offering attractive investment opportunities which combine the reduction of carbon emissions, adhere to strict environmental, social and governance (ESG) principles and provide attractive risk-adjusted returns. Our investments have a distinct positive socioeconomic impact in the communities and we are delighted that the DBJ supports us in our endeavor to bring clean energy to the region.”
MPC Caribbean Clean Energy Fund LLC is currently building out Paradise Park, a 50 MW solar park located in Westmoreland, Jamaica, an investment of US$64 million. They are also investors in Costa Rica through a project – Tilawind - an onshore wind farm with a 21 MW capacity, with a total investment value of US$50 million.
MPCEL commences trading at the TTSE
Press Release/Comment: MPC Caribbean Clean Energy Limited commences trading at the USD Equity Market of the Trinidad & Tobago Stock Exchange
MPCEL commences trading at the TTSE
Dear guests,
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.
Happy trading!
Kind regards
Martin Vogt
On behalf of the Issuer, MPC Caribbean Clean Energy Limited
MPC Caribbean Clean Energy Ltd. closes IPO on the Jamaica and Trinidad & Tobago Stock Exchanges
MPC Caribbean Clean Energy Ltd. (the “Company”) has announced today the close of its Initial Public Offering (IPO) on the Jamaica and the Trinidad & Tobago stock exchanges. The Company has raised a total of USD 11 million across both stock exchanges.
MPC Caribbean Clean Energy Ltd. closes IPO on the Jamaica and Trinidad & Tobago Stock Exchanges
Attractive investment opportunity for both institutional and private investors
ST. MICHAEL, Barbados – December 24, 2018 – MPC Caribbean Clean Energy Ltd. (the “Company”) has announced today the close of its Initial Public Offering (IPO) on the Jamaica and the Trinidad & Tobago stock exchanges.
The Company has raised a total of USD 11 million across both stock exchanges. The Company shall use the equity raised to invest in clean energy projects such as wind farms and solar parks in Jamaica, Trinidad & Tobago, and the wider Caribbean region, through the MPC Caribbean Clean Energy Fund LLC (the “Fund”). Initial investments made by the Fund include the 50 MWp solar plant, Paradise Park, which is the largest solar park in CariCom, and Tilawind, an operational 21 MW wind farm in Costa Rica.
Martin Vogt, Managing Director at MPC Renewable Energies, the investment advisor to the Fund, said: “With the rising demand for energy in the Caribbean, renewable resources are increasingly becoming a cost-effective form of power generation. MPC Caribbean Clean Energy Limited provides a smart investment opportunity for both institutional and retail investors who want to capitalize on the opportunities of a growing market. Subject to JSE and TTSE approval, it is the only publicly listed company in Jamaica and Trinidad and Tobago with 100% clean energy investment mission.“
“We have identified a variety of projects in Jamaica, the Dominican Republic, Costa Rica, Colombia and other countries in the region that require about USD 500 million of investments. Our ultimate goal is to make a positive economic and social impact on the Caribbean by establishing renewables as the prominent source of energy in the region.”
The offering opened on December 3rd, 2018, and was marketed by JN Fund Managers Ltd. in Jamaica and First Citizens Brokerage and Advisory Services Limited in Trinidad & Tobago as lead brokers. The minimum subscription to the offering was USD 500 (or the equivalent of JMD in Jamaica).
About MPC Caribbean Clean Energy Ltd.
MPC Caribbean Clean Energy Ltd. 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 & Tobago to invest – through the MPC Caribbean Clean Energy Ltd. – 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 clean energy investment specialist MPC Renewable Energies GmbH, a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital AG, has initiated the MPC Caribbean Clean Energy Ltd. and MPC Caribbean Clean Energy Fund LLC based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market. More details at www.mpc-cleanenergy.com
MPC Caribbean Clean Energy Ltd. strives for cross-listing on the Jamaica and the Trinidad & Tobago Stock Exchanges
– MPC Caribbean Clean Energy Ltd. (the “Company”) has announced today the launch of its Initial Public Offering (IPO) for shares to be cross-listed on the Jamaica and the Trinidad & Tobago Stock Exchanges. The Company has been formed to facilitate and participate in the renewable energy project investments of MPC Caribbean Clean Energy Fund LLC (the “Fund”) in Jamaica, Trinidad and Tobago, and the wider Caribbean region.
MPC Caribbean Clean Energy Ltd. strives for cross-listing on the Jamaica and the Trinidad & Tobago Stock Exchanges
Opening of IPO commence on 3 December 2018 – Investing in wind farms, solar parks and other clean energy projects in the Caribbean region.
ST. MICHAEL, Barbados – 26 November 2018 – MPC Caribbean Clean Energy Ltd. (the “Company”) has announced today the launch of its Initial Public Offering (IPO) for shares to be cross-listed on the Jamaica and the Trinidad & Tobago Stock Exchanges. The Company has been formed to facilitate and participate in the renewable energy project investments of MPC Caribbean Clean Energy Fund LLC (the “Fund”) in Jamaica, Trinidad and Tobago, and the wider Caribbean region.
The Company will only invest into the Fund, which is one of only a few infrastructure investment funds specializing in clean energy in the Caribbean and has the potential to provide an attractive investment opportunity for both institutional and private investors. This is due to the significant growth potential of clean energy in the region.
Martin Vogt, Managing Director at MPC Renewable Energies, the investment advisor to the Fund manager, said: “The majority of the Caribbean countries rely on fossil fuel imports which lead to high electricity prices. Renewable energy, on the other hand, has only played a minor role in the region, even though the conditions for leveraging solar and wind power are ideal. Considering the increasing demand for energy renewables are of major importance when it comes to electricity generation. We want to support this trend by investing in a diversified portfolio of renewable energy infrastructure throughout the Caribbean region.”
“Our vision is to make the Fund the main investment company for renewable energy in the Caribbean. We have identified a variety of projects which require approximately USD 500 million of private investments and that would not only significantly reduce the carbon footprint of pre-existing power generation assets in the region but would also meet our investors’ expected returns. Our pipeline includes clean energy investments in Jamaica, the Dominican Republic, Costa Rica, Colombia, amongst others.”
Initial investments of the Fund include the largest solar park in Jamaica, which will generate enough electricity to supply more than 50,000 people with clean energy at the lowest production costs in Jamaica and the Caribbean. JPS Co. will purchase all electricity for the next 20 years for a fixed price. The solar park required a total investment of USD 64 million and is financed by investors and financial institutions from France and the Netherlands.
Tilawind, an operational 21 MW wind farm in Costa Rica, represents the second investment of MPC Caribbean Clean Energy Fund LLC and a co-investor from Trinidad & Tobago for a total investment of more than USD 50 million. Since 2014, renewable energy in Costa Rica supplied more than 98% of the energy output for the entire nation. The Tilawind wind farm is contributing to this achievement since 2015 while providing an attractive cash yield. The wind farm was financed with a loan from Costa Rica’s largest bank Banco Nacional. The Fund intends to double the electricity production of Tilawind in the coming years and to supply more than 100,000 people with clean energy in Costa Rica.
MPC Renewable Energies GmbH, a wholly-owned subsidiary of the publicly listed German asset and investment manager MPC Capital AG, is the investment advisor to the fund manager of MPC Caribbean Clean Energy Fund LLC. The investment advisor’s team consists of Martin Vogt, Managing Director, Head of Origination, Renewable Energy, David Delaire, Managing Director, Head of Asset Management, Power & Renewable Energy, and Fernando Zúñiga, Director, Central America & Caribbean of MPC Renewables Panama SA.
The subscription phase for the IPO of the Company will commence on 3 December 2018. Closing is expected for 14 December 2018. The offering prospectus and subscription forms are available on the website of the Company at www.mpc-cleanenergy.com. The offering will be marketed by JN Fund Managers Ltd. In Jamaica and First Citizens Brokerage and Advisory Services Limited in Trinidad & Tobago as lead brokers. The minimum subscription to the offering is USD 500 (or the equivalent of JMD in Jamaica).
About MPC Caribbean Clean Energy Ltd.
MPC Caribbean Clean Energy Ltd. 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 & Tobago to invest – through the MPC Caribbean Clean Energy Ltd. – 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 clean energy investment specialist MPC Renewable Energies GmbH, a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital AG, has initiated the MPC Caribbean Clean Energy Ltd. and MPC Caribbean Clean Energy Fund LLC based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market. More details at www.mpc-cleanenergy.com
MPC Caribbean Clean Energy Fund and ANSA McAL Limited acquire Windpark in Costa Rica
MPC Capital’s investment platform for renewable energies in the CARICOM region, MPC Caribbean Clean Energy Fund, and ANSA McAL Limited (“ANSA McAL”), Trinidad and Tobago's largest conglomerate with companies throughout the Caribbean, will invest in the operational 21 MW windpark Tilawind, located in Tilarán in the Guanacaste province, Costa Rica.
MPC Caribbean Clean Energy Fund and ANSA McAL Limited acquire Windpark in Costa Rica
MPC Caribbean Clean Energy Fund and ANSA McAL Limited jointly invest in the 21 MW operational wind farm Tilawind
HAMBURG, Germany and PORT OF SPAIN, Trinidad – 28 June 2018 – MPC Capital’s investment platform for renewable energies in the CARICOM region, MPC Caribbean Clean Energy Fund, and ANSA McAL Limited (“ANSA McAL”), Trinidad and Tobago's largest conglomerate with companies throughout the Caribbean, will invest in the operational 21 MW windpark 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. Tilawind and the expansion were developed and constructed by the local project developer Gruman Resources, who currently operates the wind farm.
The joint venture with ANSA McAL is in keeping with MPC Caribbean Clean Energy Fund’s investment strategy to support high quality assets with strategic regional partners. Tilawind is the second acquisition for the MPC Caribbean Clean Energy Fund following its investment in the 51 MWp Paradise Park Solar PV greenfield project in Jamaica. Both ANSA McAL and MPC Caribbean Clean Energy Fund are eager to explore additional greenfield and brownfield renewable energy investments within Costa Rica and the wider region.
Martin Vogt, Managing Director of MPC Renewable Energies, said: “We are delighted to announce the second acquisition of MPC Caribbean Clean Energy Fund and to add Tilawind to our investment portfolio. We also want to thank our local partner Gruman Resources and our co-investor ANSA McAL as well as our lender Republic Bank, for the tremendous cooperation given to this important transaction.”
Mr Andrew Sabga, Chief Executive Officer of the ANSA McAL Group, added: “Our goal is to cultivate projects that are profitable for our shareholders, generate value for our customers and serve as an engine of sustainable development for the Caribbean region. Tilawind is a perfect example of that type of project. We are proud to support Costa Rica’s efforts in providing sustainable energy. In addition to expressing thanks to MPC Caribbean Clean Energy Fund for partnering with us on this monumental transaction, we would also like to thank our lender ANSA Merchant Bank Limited for its continuous support throughout the process.”
MPC Renewable Energies originated and structured the transaction and will provide asset management services to both investors. The transaction is subject to customary closing conditions.
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 270 employees group-wide. More details at www.mpc-capital.com
About ANSA McAL
ANSA McAL Limited is the ultimate parent company of the ANSA McAL Group, a diversified group of companies engaged in trading and distribution, manufacturing, packaging and brewing, insurance and financial services and media and service industries. ANSA McAL Limited and affiliated entities operate in Trinidad and Tobago, Jamaica, Barbados, Guyana, St. Kitts, Grenada and the wider Caribbean Region, as well as the United States of America. ANSA McAL Limited is listed on the Trinidad and Tobago Stock Exchange (TTSE) and has approximately 6,000 employees. Further information about ANSA McAL may be found on its website www.ansamcal.com
Successful completion of the Paradise Park PV farm’s financing in Jamaica
Proparco and FMO will provide the senior debt for the 51 MWp solar PV park. The project, majority-owned by Neoen alongside Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, will be commissioned in the first half of 2019.
Successful completion of the Paradise Park PV farm’s financing in Jamaica
Proparco and FMO will provide the senior debt for the 51 MWp solar PV park. The project, majority-owned by Neoen alongside Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, will be commissioned in the first half of 2019.
Neoen, one of the leading independent renewable IPPs and the majority shareholder in Paradise Park, a 51 MWp PV farm based in Jamaica, together with the solar park’s co-shareholders, MPC Caribbean Clean Energy Fund and Rekamniar Frontier Ventures, is today announcing the signing of the project’s financing. Proparco (France’s development bank) and FMO will provide the senior debt for the project, with a total investment amounting to USD 64 million.
Neoen’s was the winning project out of 19 bids in a tender launched by the Jamaican Office of Utilities Regulation (OUR). Paradise Park will deliver to Jamaica Public Service Company Limited the cheapest electrical energy ever made available in Jamaica - with a tariff of USD 85/MWh - through a 20-year power purchase agreement.
Construction of the project has already begun. Commissioning is expected in the first half of 2019.
Xavier Barbaro, CEO of Neoen, stated: “This project shows how a combination of investment in an emerging country, cutting edge technology implemented by first class international contractors and a strong governmental and grid operator support, with a large environmental and social component, can generate value by offering the most competitively priced electricity to the grid. Paradise Park perfectly illustrates Neoen’s unique know-how, which enables the group to expand worldwide very rapidly. We are delighted to have such prestigious development banks as Proparco and FMO on board. Jamaica and the Caribbean in general are blessed with renewable energy resources, and the Group is therefore very active in terms of development in the area.”
Angella Rainford, Managing Director of Rekamniar Frontier Ventures, said: “This project exemplifies Rekamniar’s ability to execute significant projects from idea to reality. We are proud to be a part of Jamaica’s energy landscape evolution from traditional energy sources to renewables. This could not have been possible without the invaluable support we have received from Jamaica’s government, local agencies and our neighboring community.”
Martin Vogt, Managing Director of MPC Renewable Energies, added: “Paradise Park demonstrates MPC Capital’s specialist expertise, its strong network of strategic regional partners, and hands-on approach to developing and managing diverse and innovative infrastructure projects across emerging markets. We are excited to announce that Paradise Park is the first investment of MPC Caribbean Clean Energy Fund.”
According to Grégory Clémente, CEO of Proparco, “Proparco is extremely proud to be supporting a project critical to the diversity of Jamaica’s energy mix by reducing its dependency on fuel. This project showcases Proparco’s desire to help countries like Jamaica meet their development objectives in a sustainable manner. Given the importance of timely execution to respond to the immediate energy needs of the country, we opted for a simple and robust financing structure. Efficient execution would not have been possible without leveraging on the strong relationship with the sponsors and the commitment of the Jamaican authorities.
Ewout van der Molen, Manager Energy Latin America Caribbean at FMO, concluded: “We feel honoured to be part of the Paradise Park endeavour, a first renewable energy investment of this scale in Jamaica. It is an excellent fit with FMO’s strategy, which is to empower private entities in countries like Jamaica to increase the supply of renewable energy.”
About Neoen
Founded in 2008, Neoen is a leading and fast growing-international green independent power producer (IPP). With a current capacity of almost 2 GW already in operation or under construction, and a further 1 GW of projects formally awarded, Neoen has doubled its size in only one year. Neoen operates in France, Australia, Mexico, El Salvador, Argentina, Zambia, Jamaica, Portugal and Mozambique. The company operates Europe’s most powerful solar PV farm (300 MW in Cestas, France) and the world’s largest lithium-ion reserve in Hornsdale, Australia (100 MW/129 MWh storage capacity). At the end of 2017, Neoen won the largest (375 MW) and most competitive solar project in Mexico. Neoen’s main shareholders are Impala (owned by Jacques Veyrat), the Capénergie II fund (managed by Omnes Capital) and Bpifrance. Neoen is targeting 4GW capacity by 2021. More details at www.neoen.com
About Rekaminar Frontier Ventures
Rekamniar Frontier Ventures (“Rekamniar”) is an emerging market energy developer and investor focused on the Latin America and Caribbean regions. Rekamniar also provide advisory services to project developers and clients investing in the power sector across Sub-Saharan Africa. Rekamniar’s technology experience focuses on solar PV and small run-of-river hydroelectric power plants. More details at www.rekamniar.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 260 employees group-wide. More details at www.mpc-capital.com
About Proparco
Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for 40 years. Proparco provides funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East. It seeks to partner projects in key development sectors – infrastructure (with a specific focus on renewable energies), agribusiness, financial institutions, healthcare and education, etc. – and to boost the contribution of the private sector to achieving the sustainable development goals adopted by the international community in 2015. As a means to this end, Proparco finances businesses that are instrumental in creating decent jobs that pay decent wages, in supplying essential goods and services and in battling climate change. More details at www.proparco.fr
About FMO
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.2 billion spanning over 90 countries, FMO is one of the larger bilateral private sector developments banks globally. More details at www.fmo.nl
MPC Capital launches Caribbean Renewables Platform and acquires stake in a solar PV project in Jamaica
The Hamburg based asset and investment manager MPC Capital is launching an investment platform for renewable energy projects in the Caribbean. As an initial project, MPC Capital is acquiring a stake in the “Paradise Park” 50 MWp solar plant on the Caribbean island of Jamaica. Therefore MPC Capital has structured and will be a co-investor in a joint investment vehicle which will hold just under 50 % in the project company. The total investment volume amounts to some USD 50 million.
MPC Capital launches Caribbean Renewables Platform and acquires stake in a solar PV project in Jamaica
- Investment platform for renewable energy projects
- Acquisition of a 50 MWp solar PV project in Jamaica
- Investment volume of USD 50 million
Hamburg, 19 December 2016 – The Hamburg based asset and investment manager MPC Capital is launching an investment platform for renewable energy projects in the Caribbean. As an initial project, MPC Capital is acquiring a stake in the “Paradise Park” 50 MWp solar plant on the Caribbean island of Jamaica. Therefore MPC Capital has structured and will be a co-investor in a joint investment vehicle which will hold just under 50 % in the project company. The total investment volume amounts to some USD 50 million.
Construction work on the solar plant in Westmoreland, in the southwest of Jamaica, is scheduled to begin mid-2017. Connection to the grid is planned for 2018. With a gross capacity of 50MWp, once completed, the park will be the largest photovoltaic power plant in the island nation. The plant will operate under a Power Purchase Agreement (PPA) with the Jamaican Public Service Company (JPS) for a period of 20 years. The project is being developed by the French independent power producer Neoen, along with its local development partner, Rekamniar Frontier Ventures. Neoen will hold the majority stake in the project company.
“The Paradise Park project is an important milestone in implementing our investment strategy for infrastructure projects in emerging markets,” remarked Dr Roman Rocke, Management Board member of MPC Capital AG. “The region is a very attractive one for the construction of solar plants. Power generation costs in the Caribbean are high, so forms of renewable energy are generally very competitive. Paradise Park will also play an important part in the diversification of Jamaica’s energy supply mix to reduce cost and dependence on imported oil.”
About MPC Capital AG (www.mpc-capital.de)
MPC Capital AG is an independent 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 focus is on the asset categories Real Estate, Shipping and Infrastructure. MPC Capital AG has been quoted on the stock exchange since 2000 and has around 240 employees group-wide.