MPC Caribbean Clean Energy Limited (MPCCEL) reported improved performance across its renewable energy portfolio in the Dominican Republic, Costa Rica, and El Salvador during the third quarter, laying the foundation for stronger financial results.

The Barbados-based holding company, which owns renewable energy projects across the Caribbean and Latin America, reported a weighted average availability of 98 per cent for both the third quarter (July-September) and the first nine months of the year. This marks an increase from 90 per cent in Q3 2024 and 96 per cent in the nine-month period last year, indicating that its solar and wind facilities were consistently available to generate power.

“The wind project maintained strong commercial performance despite seasonal low wind and scheduled maintenance, while the Monte Plata solar PV plant faced increased curtailment but continued to demonstrate robust reliability. In contrast, the San Isidro solar PV plant achieved exceptional results, supported by near-perfect availability and strong financial performance. These outcomes reflect the strength of a diversified asset base and operational discipline, positioning the portfolio for continued improvement in the months ahead,” MPCCEL stated in its third quarter report.

While MPCCEL limits some detailed reporting to its annual filings, one of its key earnings metrics, EBITDA (earnings before interest, tax, depreciation and amortisation) held steady at US$1.15 million for the quarter and grew 5 per cent to US$5.98 million over nine months. Performance varied across its portfolio: the Tilawind farm in Costa Rica underwent blade repairs, Monte Plata’s solar parks in the Dominican Republic earned less than planned due to weaker sunlight, but the San Isidro plant in El Salvador outperformed its budget by a strong 20 per cent.

In September 2024, MPCCEL restructured its group, moving its renewable energy assets directly under its portfolio. This change contributed to the company’s third quarter result: a net profit of US$21,864. This contrasts sharply with the net loss of US$2.89 million in the same period last year, primarily because the company did not record any unrealized losses on its renewable investments this quarter. For the nine-month period, MPCCEL still reported a net loss of US$877,258. However, this figure marks an improvement over last year’s nine-month loss of US$1.43 million, driven by a smaller unrealised loss in 2025.

MPCCEL’s asset base grew 16 per cent over the nine-month period to US$31.60 million. This increase reflects a significant position in renewable energy investments, valued at US$25.67 million. The company’s cash balance also rose substantially to US$5.36 million, following the sale of its Eight Rivers solar park investment in March. Meanwhile, total liabilities decreased by 6 per cent to US$10.06 million, which includes a US$10 million convertible promissory note due in March 2026. As a result of these changes, the net assets attributable to shareholders saw a slight decrease of 4 per cent, ending the period at US$21.55 million.

The company’s stock performance has faced headwinds this year, with its share price falling sharply. The value of MPCCEL’s Jamaican-dollar shares is down 33 per cent to $47, and its US-dollar shares have fallen 47 per cent to US$0.2890.

“Progress continues on the Monte Plata Phase I repowering project, with the Notice to Proceed issued at the end of July and construction activities now underway. The works are scheduled to continue through the remainder of the year, with completion expected by the end of Q1 2026. The project involves replacing 10.5 MW of existing PV modules and inverters with 14.2 MW of new equipment, which is anticipated to generate approximately 8 GWh of additional energy annually, enhancing the project’s overall efficiency and output,” MPCCEL closed.