MPC Capital signs MOU with the University of the Commonwealth Caribbean

MPC Capital signs MOU with the University of the Commonwealth Caribbean

Friday, December 06, 2019

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MPC Capital and the University of the Commonwealth Caribbean (UCC) recently signed a memorandum of understanding (MOU) to install a rooftop solar photovoltaic (PV) facility at the UCC's main campus in Kingston, Jamaica.

Under the MOU, MPC Capital will finance and operate the rooftop PV facility, while UCC will purchase the energy generated by the facility. The facility will have a peak capacity of 2 megawatts and power generation is expected to start in the fourth quarter of 2020.

The objective is to reduce the energy costs of UCC, cut its greenhouse gas emissions and increase its energy independence.

MPC Capital will add this investment to the portfolio of the MPC Caribbean Clean Energy Fund, making it the second energy-efficiency project of the fund.

Managing director at MPC Renewable Energies David Delaire indicated that the collaboration with the UCC provides a great opportunity to continue investing in Jamaica's energy transition.

“UCC, Jamaica's largest privately-held tertiary educational institution, is conscious of its energy consumption. Embarking on this project enables UCC to not only control, but to also reduce its carbon emissions efficiently,” Delaire was quoted in a press release.

“Jamaica continues to be in the vanguard of the English-speaking Caribbean when it comes to progressive energy regulations and economic policies. This makes the country even more attractive to MPC Capital and the MPC Caribbean Clean Energy Fund. That's why we strive to increase our footprint in the region and establish strong partnerships with local investors.”

UCC Group Executive Chairman Dr Winston Adams welcomed the partnership between UCC and MPC Capital.

“We are happy to be forging this partnership with MPC Capital and pledge our commitment to this renewable energy project. It enables us to reduce energy costs by using state-of-the-art technology and innovative clean energy solutions. This represents an important part of our contribution to preserving natural resources,” Adams stated.

Both MPC Capital and UCC have agreed to jointly evaluate possibilities of cooperation with the utility provider, Jamaica Public Service Company.

MPC Capital AG is a global manager of 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.

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