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MPC Caribbean Clean Energy Limited , MPCCEL, announced plans to sell its shares in Paradise Park, a solar power plant based in Westmoreland, by the first quarter of 2025.
The sale price was not disclosed.
The company says on its website that its investment value in Paradise Park is US$64 million.
At a capacity of 51 megawatts, Paradise Park generates the largest amount of solar power in Jamaica. The solar facility is co-owned by NEOEN, a French renewable energy firm, with 50 per cent interest; MPCCEL, 34.4 per cent; and Eight Rivers Energy Company Limited, led by the project’s convenor, Angella Rainford, holds 15.6 per cent.
MPCCEL said in a market filing that “the majority shareholder” announced its intention to sell shares to a third-party, which in turn triggered other shareholders to take up the offer.
“Therefore, after receiving the final binding offer along with the notice related to tag-along rights, the board of directors of MPC Caribbean Clean Energy Limited approved to exercise its tag-along rights to participate in the sale,” it said.
Rainford did not immediately respond to requests for comment.
MPCCEL acquired shareholding in Paradise Park in June 2018, a year prior to the solar park starting to generate power in June 2019.
Paradise Park was the first of four renewable projects that MPCCEL invested in over the years. MPCCEL held US$31.8 million in total assets as of June. Its shareholders are largely its German parent, MPC Capital, and pension funds in Jamaica and Trinidad & Tobago.
The Paradise Park sale was agreed to on October 31.
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