Wigton Energy Limited (WIG) has entered into agreements with Mayberry Investments Limited (MIL) to provide financial advisory services in connection with the company’s planned $10 billion (US$62 million) expansion through the development of two solar projects.

In a disclosure to the market, Wigton stated, “Pursuant to the agreements, MIL has been appointed to provide financial advisory, arranger and brokerage services to WIG, including in connection with the financing of WIG’s two utility-scale solar projects which will expand WIG’s generation capacity under power purchase agreements with the Jamaica Public Service Company Limited.”

MIL is a sister company of Mayberry Jamaican Equities Limited (MJE), one of Wigton’s 10 largest shareholders.

Wigton Chairman Dan Theoc disclosed to investors at the company’s October 2025 annual general meeting that it would need $10 billion to execute its 49.83 MW and 20.7 MW solar projects. Theoc is senior vice-president of investment banking at Mayberry Investments.

The annual report states that directors withdrew from meetings involving an actual or potential conflict and shows that Theoc was not a member of the Finance and Investment Committee, which reviewed the negotiations, planning and financing arrangements for the solar projects.

The Jamaica Stock Exchange disclosure indicated that Mayberry Investments would also provide arranger and brokerage services, which could support a debt or equity raise. The disclosure, however, did not identify the financing structure or state whether securities would be offered to the public.

Wigton was awarded the right to develop a 49.83 MW solar project in Lionel Town, Clarendon by the Generation Procurement Entity in November 2024. It also intends to repower Phase I at Rose Hill, Manchester, transitioning its 20.7 MW capacity from wind to solar.

Wigton said it is currently implementing the combined 70.53 MW programme, which is expected to shift its utility-generation mix over the next two years to approximately 63 per cent solar and 37 per cent wind. The company said commercial negotiations had advanced and key land and environmental approvals had been secured.

Wigton held $3.02 billion in cash at the end of March 2026, which represents approximately one-third of the funding that would be required to execute the two projects. The company, however, has $2.28 billion outstanding across two senior secured bonds due to mature by March 2027. The company indicated that it is advancing the refinancing of one bond ahead of its maturity while tranche A matures in September 2026 with $428 million remaining on that facility.

The annual report shows that $2.97 billion of Wigton’s cash was unrestricted, compared with $2.28 billion in bonds due within 12 months—a difference of approximately $684 million that underlines the importance of completing the refinancing.

“The company is at an advanced stage in the process of finalising a Senior Secured Term Loan facility with its lender, with a principal amount of up to J$1,900,000,000. The proposed facility will be structured as a fully amortising loan over a term of five years from the date of first disbursement. The proceeds will be used for the full repayment of the Tranche B Bond,” Wigton’s audited financials disclosed.

Wigton previously signed a financial services advisory agreement with Mayberry Investments in February 2022 with respect to certain business development and expansion opportunities for WIG within Jamaica and the Caribbean. The latest agreement extends the relationship between the two firms. Mayberry Investments was the lead broker when Wigton listed in May 2019.

Wigton’s revenue for the March 2026 financial year increased six per cent to $1.96 billion, but its operating profit dipped by a quarter from $714.47 million to $535.69 million. The lower earnings were due to the company recognising a lower insurance claim and higher operating expenses for insurance and repairs and maintenance.

Despite the company 16 per cent dip on finance expenses, Wigton’s profit before tax declined 32 per cent from $360.39 million to $246.16 million. Net profit for the period decreased 31 per cent to $208.51 million.

VM Building Society acquired 306,923,477 ordinary shares during the year, making it the largest shareholder with 1.315 billion ordinary shares, or an 11.961 per cent stake. Mayberry Jamaican Equities Limited recorded no transactions during the year and retained a 9.1180 per cent stake in Wigton as the second-largest shareholder. Wigton’s 10 largest shareholders now control 47.3429 per cent of the company’s ordinary shares.