Innovative Energy Group (IEG) is set to raise US$5 million in capital to fuel its ambitions of leading Jamaica’s renewable energy market while extending its reach across the English-speaking Caribbean.

The company, which recently rebranded from the defunct Ciboney Group, is transforming from its predecessor’s real estate focus into a diversified operation anchored in renewable energy.

“This capital raise is critical for the next phase of our journey,” said Chairman and CEO Nigel Davy at IEG’s first annual general meeting since the rebranding. The AGM was held on Thursday.

“The funds will support our entry into major utility-scale projects, expand our distribution capabilities, and position us to take advantage of growing opportunities in renewable energy across the region,” he added.

The US$5 million needed by the company will be raised through a combination of equity and an upcoming share offering. IEG is also exploring the issuance of green bonds to finance specific projects.

“Green bonds represent an innovative way to fund large-scale initiatives while maintaining our commitment to environmental sustainability,” Davy told shareholders.

The capital raise comes as IEG integrates its newly acquired subsidiary, Innovative Energy Company DBA IEC SPEI Limited (IECL). This acquisition, valued at US$17.7 million, adds J$800 million in assets to IEG’s balance sheet and is expected to boost annual revenues to over J$1.4 billion.

But that’s just one of several avenues through which the company plans to hit US$100 million ($15.8 billion) in total revenues over the next five years.

Central to IEG’s growth strategy is its participation in Government-issued tenders for utility-scale renewable energy projects. Over the next five years, Jamaica plans to add over 1,000 megawatts of solar, wind, and energy storage capacity as part of its commitment to achieving 50 per cent renewable energy penetration by 2030. These projects, valued at an estimated US$800 million, represent a cornerstone of IEG’s growth trajectory.

“We are fully prepared to compete for these projects,” Davy said. “Whether as an engineering, procurement, and construction (EPC) contractor or as an independent power producer (IPP), IEG has the expertise to deliver.”

IEG is also eyeing regional opportunities, particularly in markets like Trinidad, where the removal of electricity subsidies is expected to drive demand for renewable energy solutions.

“Regional expansion is a key pillar of our strategy,” he explained. “We’re positioning IEG to be a leader not just in Jamaica, but across the Caribbean.”

A partnership with Huawei Technologies is already bolstering IEG’s capabilities. The exclusive distribution agreement, which was announced on Wednesday, allows IEG to market Huawei’s inverters, battery storage systems, and other digital power products across the English-speaking Caribbean.

“This collaboration with Huawei is a game-changer for us. Their advanced technology, combined with our market knowledge, creates a powerful synergy that positions us to lead the adoption of renewable energy in the region,” he told shareholders.

IEG is also positioning itself as an enabler of Jamaica’s nascent electric vehicle (EV) market. While the company has no plans to sell EVs, it intends to provide the necessary infrastructure to support their adoption. This includes the sale and installation of EV chargers and integrated solar systems for both residential and commercial use.

“We see a future where consumers can charge their electric vehicles at home or at work using clean, renewable energy. This is an essential step in making EV adoption practical and sustainable,” he said.

The company is targeting three key market segments: utility-scale projects, commercial and industrial solar installations, and residential rooftop systems. Together, these segments are projected to deliver US$175 million in opportunities over the next five years.

While renewable energy is IEG’s primary focus, the company has not abandoned its real estate roots.

“Building on Ciboney’s legacy, real estate development will also be a key pillar of our growth strategy,” Davy said.

IEG plans to integrate renewable technologies into its real estate projects, aligning with its sustainability objectives.

Despite recording a net loss of $1.61 million in the first quarter of 2024 — attributed to restructuring and business development expenses — Davy is confident about the company’s future.

“These expenses are investments in our foundation. We’re laying the groundwork for what we believe will be a period of sustained and exponential growth,” he said.