Wigton Energy is shoring up cash to compete for the next wave of renewable energy projects, and while its balance sheet is strong enough to support a major solar expansion, the company has signalled it could still return to the equity market if needed.

Speaking during a virtual investor briefing on Thursday, Chief Executive Officer Gary Barrow said the company has been preserving cash and strengthening liquidity ahead of a planned 70-megawatt solar build-out that is expected to transform Wigton’s scale and earnings profile over the next two years.

“It’s going to be a mix of debt and equity. We have a very strong cash position and our balance sheet is very strong… of course, we never rule out the possibility of an APO (additional public offering) going forward to get additional capital,” Barrow said.

Wigton is preparing to develop roughly 70 megawatts of solar capacity — a project expected to require a blended financing structure, with management indicating that about 20 to 30 per cent could be funded through equity and the remainder through debt and internal resources.

The company held roughly $3.14 billion in cash at December 2025, which could partially fund the $10-billion solar investment over the next 24 months. It also maintains a strong liquidity position, with a current ratio of about 3.7 times.

Wigton’s new solar build-out includes a 50MW utility-scale project, for which it secured a generation licence earlier this year and is now awaiting sign-off by the Office of Utilities Regulation (OUR) on the power-purchase agreement with monopoly power distributor Jamaica Public Service Company.

Environmental permits have been granted by the National Environment and Planning Agency, and financing discussions with local institutions are reportedly well advanced.If executed as planned, the solar rollout is expected to materially reshape the company.

“In another two years, we expect Wigton to be twice the size it is now in terms of capacity,” Barrow said, pointing to the scale of the expansion and the capital required to deliver it.

But that transition is already affecting the company’s finances.

Net profit for the nine months ended December 2025 fell sharply despite rising revenue, as higher costs, hurricane disruptions and preparatory spending weighed on earnings. Barrow described the period as a necessary reinvestment phase.

“There will be some consumption of cash as we prepare for new projects,” he said, noting that Wigton is also investing in systems, operational capacity and human resources to support a larger and more complex business.

The company has begun expanding its staff complement in anticipation of the solar rollout and a broader project pipeline.

Hurricane insurance payouts

Back-to-back storms, including Hurricane Melissa, disrupted generation and triggered business interruption claims that affected near-term earnings. Wigton has since filed its insurance claims and expects the recovery process to begin shortly.

“The claim has been submitted and the assessment is about to begin,” he said. “Once determined, we will recognise the income associated with that, and the payout will follow thereafter. So shareholders should start seeing those accruals in Q4.”

The storms also reinforced the need to diversify beyond wind. Wigton has strengthened turbine resilience and secured additional spare components, but the upcoming solar facilities — located in a different geographic area — are expected to reduce future weather-related risk by diversifying both technology and location.

Beyond the solar project already in development, Wigton is preparing to compete for additional renewable energy tenders expected under Jamaica’s evolving power planning framework in the near term.

During the briefing, Barrow was asked whether Wigton anticipates securing new projects under upcoming requests for proposals. He said the company expects additional renewable capacity to be put out to tender and intends to compete.

“There are RFPs that we expect to see coming forward,” he said, noting that Wigton has been strengthening its balance sheet and internal capacity so it can bid when those opportunities arise.

He stopped short of guaranteeing success but made clear the company believes it is well positioned.

“We have the track record. We have the operational expertise. And we are putting ourselves in a financial position where we can participate meaningfully.”

Barrow also pointed to opportunities beyond Jamaica, adding that the company is exploring regional renewable prospects as part of its longer-term growth strategy.