MPC Capital's- Paradise Park starts energy productionFriday, July 05, 2019
MPC Caribbean Clean Energy Fund on Monday launched its 51MWp solar PV facility at Paradise Park in Westmoreland.
Paradise Park, the first acquisition of the MPC Caribbean Clean Energy Fund, is believed to have reached an operational milestone as it ventures into energy production.
In a recent news release it was reported that the park, which is located in Westmoreland, will commence its energy production operations. Investors lined up to finance the project includes: MPC Caribbean Clean Energy Fund, more popularly known as “the Fund”, MPC Capital's investment platform for renewable energies in the Caricom region and Neoen and EREC-Co Invest.
Paradise Park is said to be the seed asset for the fund and a current revenue generating facility, which is of particular importance to early investors in the fund. It was stated that for the next 20 years minimum, the park will be using solar energy to produce green electricity at USD 0.085 per kWh. At the onset of production, the park is said to be the cheapest source of power generation in Jamaica.
David Delaire, managing director of MPC Renewable Energies (which is the business unit of MPC Capital), said that “Paradise Park, which is now part of our operational portfolio, signifies our commitment to increase renewable energy production in Jamaica and the wider Caricom region”. Delaire continued by saying “we plan to continue the close collaboration with our partners during the operational phase of this project and will be actively monitoring its performance on a real time basis. The main focus lies on ensuring that our shareholders' interests and expectations are being met”.
Delaire further reasoned that in accordance with the mandate of the fund, his company will continue to evaluate additional investment opportunities in the renewables sector for institutional and retail investors who want to capitalise on opportunities and grow in the market. Jermaine Deans, deputy general manager, JN Fund Managers, added that investors will be reassured when they see this pivotal entity in the fund's development programme starting to bear fruit. With that said, he noted that they will continue to look forward to the expansion of more cost-efficient renewable energy products across the region.