1 week ago
9
MPC Caribbean Clean Energy Limited will refrain from pursuing new investments in Jamaica, opting instead to concentrate on its existing renewable energy assets in Central America and the Dominican Republic, company executives affirmed on Tuesday.
The move follows the recent disposal of its stake in Paradise Park, Jamaica’s largest solar farm.
“No new investments will be pursued at the moment as per our mandate,” said Chairman José Fernando Zúñiga in response to the Financial Gleaner at the company’s annual general meeting.
Zúñiga explained that the decision aligns with the fund’s investment period, set in 2023, which defines the time frame during which the fund actively deploys capital into new projects.
The German-managed investment firm will now concentrate on its clean energy portfolio in El Salvador, Costa Rica, and the Dominican Republic.
“Our strategy for 2024 and beyond centres on optimising the value and performance of our current portfolio,” said Gözde Kurusoy, director of project finance at MPC, during the meeting.
The asset was acquired by Inter-Energy Group as part of its regional push to expand its renewable footprint. The sale of MPC’s indirect shareholding in Paradise Park, completed earlier this year, yielded some US$5.87 million. The other investors in the solar farm prior to the sale of the 51.5MW facility were Eight Rivers Energy Company Limited, controlled by Jamaican entrepreneur Angella Rainford, and French energy firm NEOEN.
With the divestment, MPC Caribbean has effectively exited the Jamaican market. However, the company remains listed on the Jamaica Stock Exchange.
For the March 2025 quarter, MPC reported earnings of US$22,000 – roughly one-tenth of the US$232,000 recorded in the same period a year earlier – attributed to an unusually high dividend income in the prior year.
The fluctuating profit underscores the challenges MPC has faced since its 2018 inception, including macroeconomic headwinds, weather-related volatility, and delays in financing its Monte Plata solar expansion in the Dominican Republic.
Executive Juste Kubiliute acknowledged these hurdles, noting that “each project faced challenges in 2024”, with the Tilawind wind farm in Costa Rica falling 18 per cent below its budgeted energy target due to adverse weather, despite improved wind speeds later in the year.
Still, Monte Plata contributed positively, exceeding its budgeted target by 12 per cent, even as Phase I grappled with modular degradation. The company’s San Isidro solar park in El Salvador also maintained strong operational availability, though irradiation levels were slightly below forecast.
Despite operational turbulence, MPC’s commitment to climate resilience remains central. In 2024, its portfolio offset 87,300 tons of CO₂-equivalent emissions, a meaningful contribution in a region acutely vulnerable to climate change. The company’s combined clean energy capacity, including Paradise Park, stands at 154 megawatts, spanning solar and wind assets.
For the March 2025 quarter, MPC Caribbean Clean Energy reported total assets of US$33.2 million, and net assets of US$22.4 million after liabilities. Its shares are listed on both the Jamaica Stock Exchange and the Trinidad and Tobago Stock Exchange, with a market capitalisation of US$12 million.
English (US) ·