MPC Caribbean Clean Energy Limited (MPC), which manages funds invested in renewable energy projects in the Caribbean, is now investing in renewal energy in the Cayman Islands.

MPC Clean Energy, which trades on the Jamaica Stock Exchange (JSE), has notified the exchange that the name of the company has been submitted as a shareholder in the Cayman Islands-based company MPC Caribbean Clean Energy Fund LLC.

The submission stated MPC Clean Energy has made a financial committed amounting to US$9.29 million in MPC Caribbean Clean Energy Fund LLC for investments in renewable projects in Cayman and other territories.

In his notification to the JSE, MPC Caribbean Clean Energy director José Fernando Zuñiga Galindo advised that the submission was made on July 13. MPC Caribbean Clean Energy Fund is the “investment company” in which MPC Caribbean Clean Energy was supposed to invest as outlined in the company’s prospectus last year.

The investment company is a Cayman Islands’ exempted company incorporated in the Cayman Islands in 2017. The fund focuses primarily on solar PV and wind projects, which are expected to account for between 80 per cent and 100 per cent of overall investments.

MPC currently has two renewable projects in the region in which it has made investments; namely, Talawind, where it has invested in a 21 megawatt wind farm in Costa Rica and Paradise Park, where it has built out a 51.5 megawatt solar park in Jamaica.

At year’s end Tilawind exceeded its forecast energy production by 2.3 per cent, while Paradise Park started commercial operations in June 2019 and reached its target energy production and sales levels after a start-up phase in November 2019.

Tilawind and Paradise Park earned revenues of US$10.96 million resulting in a combined EBITDA of US$7.22 million.

Income in the past year amounted to US$1.89 million, which represented a combination of valuation gains on fair value of approximately US$878,000 and dividend income of US$1,014,877.

In 2019, the expenses of the company exceeded the approved budget by approximately US$24,000, up 13 per cent above projections.

The additional expenses are related to some increased administrative costs attributable to the implementation phase of several services.

The budget for the regular course of business of approximately US$188,000, approved for 2019, was found to be an accurate forecast for the related activities in 2020.

In January 2019, MPC raised US$10 million via a rights issue in Jamaica and Trinidad. The company is now listed on the stock exchanges of both territories with its largest investors being the Development Bank of Jamaica, funds managed by Sagicor Group Jamaica Limited and the Teachers’ Credit Union of Trinidad and Tobago.