Wigton
Energy Limited is currently working to complete the necessary steps to get its two major solar projects underway which are estimated to cost $10 billion (US$61.98 million).

“I want to remind you that the next two projects that we’re going to do, the 50 MW and the 20 MW projects, will require about $10 billion of cash. We’ve positioned this balance sheet to be able to execute on those two projects over the next 24 months to continue growing Wigton,” said Wigton Chairman Dan Theoc at the company’s hybrid annual general meeting on Friday at the Courtyard by Marriott Kingston.

Wigton was awarded the right to develop a 49.83 MW solar project by the Generation Procurement Entity (GPE) in November 2024. Since then, the company was awarded a generational licence by the Ministry of Science, Energy, Telecommunications and Transport in February 2025 and received an environmental permit from the National Environmental & Planning Agency on July 15. Wigton will clear six hectares (14.83 acres) of land before it begins construction of its solar farm in Lionel Town, Clarendon.

According to Deputy Chief Executive Officer Michelle Chin Lenn, the company completed the power purchase agreement (PPA) with the Jamaica Public Service Company Limited (JPS) which is now being reviewed by the Office of Utilities Regulation. Wigton is very advanced with an engineering, procurement and construction contractor on the development of the two solar projects.

Wigton is also working on the repowering of phase I which will be transitioned from wind power to solar power. Phase I was brought online in April 2004 with 23 wind turbines with a generating capacity of 20.7 MW. All three phases of Wigton’s windfarm operations are located in Rose Hill, Manchester.

Although the company hasn’t finalised its financing terms for these major projects, Chief Financial Officer Shaun Treasure noted that the financing would compose of equity, debt financing and grants. The new 50 MW solar project would increase Wigton’s generating capacity by 80 per cent to 112.7 MW once complete.

“As the chairman mentioned, our focus is going to be on building out 70 MW of solar. In the next two years, Wigton is going to be twice the size it is now from a revenue perspective. So, the growth in profitability will come from increased revenue and managing our costs. We’re going to be taking advantage of all the latest available technologies that makes the business efficient and gives us new opportunities for revenue growth,” Wigton CEO Gary Barrow said, in response to shareholder queries.

Wigton has been focused on transforming itself over the last year as it focuses on becoming the largest renewable energy provider in the Caribbean. The company renamed itself from Wigton Windfarm Limited last October as it sought to establish a new brand identity outside of being known as a wind farm. The company also launched a new website on Thursday.

Wigton currently engages in the commercial and industrial energy space in two segments. It offers engineering, procurement and construction turnkey solutions through its joint venture with Innovative Energy Company DBA IEC SPEI Limited, a subsidiary of Innovative Energy Group Limited. The company also offers a solar leasing to companies with Carreras Limited and Jamaica Inn Limited being its first two customers.

The company was impacted during its 2025 financial year ending March 31 due to the passage of Hurricane Beryl in July 2024. Its revenue dipped 10 per cent to $1.85 billion as the company’s energy production was interrupted for at least 60 days. The company’s operating profit dipped by 20 per cent to $714.47 million as it benefited from a $220.33 million insurance claim from Beryl’s disruption. Wigton’s profit before tax declined by a quarter from $480.84 million to $360.39 million despite the company benefiting from lower finance costs. Wigton’s net profit decreased 64 per cent from $839.02 million to $302.93 million due to a tax credit in the 2024 period that was not repeated in 2025.

Despite the hurdles in the 2025 period, Barrow remains confident of the company’s future which has been enhanced by recent automation efforts, upgrades to accounting systems and enhancements to the operational systems. The company also established a human resources department as it gears up for expansion efforts. Wigton celebrated its 21st anniversary of operations in April.

With the Government of Jamaica set to renegotiate JPS’ all-island licence, different stakeholders are concerned how this move could impact new projects for independent power producers with other requests for proposals being put out by the GPE.

Legal officer and company secretary Shaneek Clacken responded, “PPAs by their very nature are long-term, sustainable contracts. They do have assignment provisions. Also, renewables based on the energy mandate will always be the focus of the government. We don’t anticipate any reduction in renewables at present. With that said and the mandate remaining in place, even if there is a change to the single buyer under the structure, the PPA and position of Wigton as an IPP is expected to remain.”

Wigton’s first quarter revenue improved 25 per cent to $890.95 million as the company saw a 27 per cent increase in production to 50,171,438 kWh. This is against the backdrop of lower availability from 93.3 per cent to 87.6 per cent. The company’s expansion efforts which include investment in its staff pushed administrative expenses up 16 per cent to $228.60 million. However, operating profit grew 37 per cent to $431.87 million. A dip in finance costs and higher taxes left Wigton with $259.17 million in net profit, a 57 per cent year-over-year improvement.

Wigton’s asset base grew two per cent during the quarter to $9.85 billion with $5.31 billion for property, plant and equipment and $3.12 billion in cash and cash equivalents. Total liabilities and shareholder’s equity were $4.27 billion and $5.58 billion, respectively.

Wigton’s stock price closed Friday at $1.20, leaving the stock down 14 per cent in 2025 with a market capitalisation of $13.22 billion. Allison Philbert and Omar Azan were re-elected to Wigton’s board of directors while Horace Messado, Camille Facey and Tito Sanjurjo were elected to the company’s board. Meg Georgia Gibson Henlin, KC retired as a director as she did not seek re-election.