Launched as a turnkey solution for businesses seeking to become more energy efficient, Soleco Energy has for the last five years specialised in large solar and battery storage projects as it seeks to meet a growing demand for renewables in Caribbean and Central American markets.

Founded by Angella Rainford in 2019, the company prides itself on delivering managed solutions that are seamlessly integrated and made affordable through flexible financing options.

“Before starting Soleco Energy in 2019, I spent over a decade in finance, working in New York and London, where I focused on principal investments and private equity before pivoting to renewable energy entrepreneurship. In 2011, I launched my first company, Rekamniar Frontier Ventures to address Jamaica’s high cost of electricity. I believed renewable energy was a game changer for the Caribbean energy markets, and I wanted to prove it. Rekamniar successfully co-developed the Paradise Park Solar Project, which was commissioned in 2019, and it is currently Jamaica’s largest solar farm at 51MWp, and the island’s cheapest source of energy. After developing a US$65-million solar project which affirmed my vision, I saw that a gap in the commercial and industrial market remained as businesses continued to be in need of affordable, scalable solar solutions that could help them to reduce energy costs without waiting for government tenders and as such, Soleco was established to cater to that demand,” Rainford told the Jamaica Observer in detailing the company’s start-up.

The renewables entity, which builds and finances solar and battery energy storage systems for commercial and industrial clients, Rainford said now offers under-lease purchase deals allowing businesses the opportunity to switch to clean energy with immediate savings and no cost upfront.

“This business model enables companies to derisk the investment into renewables, as both energy savings and the long-term performance of the solar assets are guaranteed,” she noted.

With current operations powered by herself as CEO, responsible for driving and defining business strategy and operations, the Soleco team led by a number of other highly skilled individuals comprising engineers, project managers, and finance experts, she said all work together to bring projects to life while helping a lot more businesses to expand their operations throughout the Caribbean.

“Soleco’s chief financial officer (CFO) and special advisor Stephen West has over 30 years in investing throughout emerging markets and we have a strong board of directors made up of executives from established infrastructure players in the region, including Rubis Energie.

“Our team is compact yet highly skilled, spanning from project finance and energy modelling experts in Paris and London to seasoned engineers and project developers in our Jamaican office, all enabling us to deliver turnkey solutions entirely in-house. We are small enough to stay nimble, but skilled enough to deliver on almost any project type and size,” she said in highlighting her staff’s competence.

The company, safely pushing pass start-up challenges and the need to get investor buy-in the female-led business, having gathered much structure and expertise, is now said to be a regional powerhouse connecting clients to a growing number of successful renewables projects scattered across the Caribbean.

Cited among its first accomplishment is the company’s securing of a US$24 million in financing from IDB Invest which it used to fund commercial and industrial projects in the Caribbean during 2021. Following on in 2023 was the build-out of Jamaica’s largest commercial solar development which the company commissioned for Caribbean Broilers (CB Group), to install a 2.1-megawatt peak (MWp) solar power plant across four locations. The project touted as one of its biggest wins, the CEO said confirms Soleco’s ability to execute high-quality, commercial-scale developments.

“This proved the viability of the business model along with our ability to install both rooftop and ground-mount solar systems ranging from 183kWp to 51MWp. We thank CB Group for sharing our vision for a greener and sustainable Jamaica and for giving us an opportunity to prove this at such an early stage in the development of our company,” Rainford said while pointing to the company’s pioneering of solar grazing in Jamaica as another of its top-rated initiative.

Through solar grazing, sheep are used to maintain vegetation growth at sites. The CEO, in regarding this a personally rewarding initiative, said it has in an environmentally-friendly way helped to fuse the operations of her industry with that of agriculture, one to which her father the late Henry J Rainford devoted many of his years in work and advocacy.

“In May 2024, we also secured a strategic partnership with Rubis Energie, a leading independent energy group headquartered in France and operating in over 40 countries. This partnership was formed to accelerate our deployment of solar installations and to expand our activities in the region,” she said of later achievements.

With the company now said to be operationally stronger than it has ever been, Rainford said a strong pipeline of projects being looked at is expected to further lead the business to greater growth.

Recently securing its first hospitality client in Jamaica and now bullishly pursuing tenders in countries such as The Bahamas, Barbados, Cayman, and Guyana, the company, she said is constantly taking steps to innovate and improve offerings for clients. At present heavy focus is being given to energy storage which she believes will be instrumental in making solar a 24/7 solution in the coming years.

“We believe 2025 is the year to incorporate batteries at a commercial scale to increase savings for our clients. We have strong relationships with the largest suppliers and so we expect to mobilise on an energy-storage project within the year,” Rainford said.

“The future is bright, literally. The improvements in efficiency and cost of production for solar and energy storage has made Caribbean and Latin American markets primed for renewable energy. Demand is soaring as businesses seek out savings and governments push for a more sustainable grid. With our scalable model, and invaluable partnerships, we are confident that we will have many successful projects in the coming years, benefiting our clients, shareholders and the region as a whole,” she further said of the outlook.