4 months ago
22
MPC Caribbean Clean Energy Limited valued its stake in Paradise Park solar farm in Westmoreland at US$5.9 million ($930 million) through its holding company EREC Investment Limited.
The company, which previously announced it would sell its stake in the solar farm, expects to complete the divestment of the asset by December.
The renewable energy developer and investor reported a US$2.8 million loss for 2024, reversing its US$1.6 million profit from the previous year. The loss reflects a downward adjustment to the valuation of its investment portfolio, now worth US$26.5 million compared to US$30.4 million a year earlier.
It wasn’t immediately clear whether US$5.9m figure reflected MPC’s total stake in the Paradise Park venture or a part of it. The company did not respond immediately to questions from the Financial Gleaner.
MPC Caribbean holds a 34.4 per cent indirect stake in the 51MW Paradise Park solar farm – Jamaica’s largest solar plant, which became operational in June 2019. Other owners include project convenor and arranger Rekamniar Frontier Ventures, controlled by Angella Rainford, with 15.6 per cent; and Neoen, a renewable energy producer in France, which holds the remaining 50 per cent. MPC’s decision to divest after Neoen confirmed that it was being acquired by French investment firm Impala, without certain non-core assets.
MPC said that its outlook remains strong as it seeks to reduce costs, while eyeing new projects. The company holds stakes in four operational renewable projects in Jamaica, Dominican Republic, El Salvador and Costa Rica totalling 154MW.
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