MPC profits through sunshine and storms
MPC CARIBBEAN Clean Energy made US$1.6 million in net income for its December full year, despite weather messing with its power generation.
Its energy production underperformed its forecast by about 5.0 per cent. That was still enough to make profit.
It recorded a net loss of US$2.2 million in the previous year.
“From a technical perspective, the projects within the investment company portfolio experienced both worse weather conditions as well as technical difficulties which are being addressed by the technical asset management team,” stated the company.
MPC Caribbean Clean Energy Limited was set up in 2017 to invest in renewable energy projects. The management investors are from Germany, with institutional investors f rom Jamaica and Trinidad and Tobago. MPC net assets stand at US$20.2 million in December, from US$18.6 million a year earlier.
“Renewable and clean energy is not only a must for our future but has also great investment potential,” said the company in the preface to its financials. The company is registered in
Barbados and publicly listed on the Jamaica Stock Exchange, as well as the Trinidad and Tobago Stock Exchange.
In Jamaica, Paradise Park revenues were 3.6 per cent below the forecast due in part to “lower irradiation” or exposure to the sun. In Costa Rica at Tilawind, revenue was 6.4 per cent below forecast
due to l ower-than-expected windspeeds.
In El Salvador at the San Isidro solar park, electricity generation was down by 2.0 per cent due to repairs and lower irradiation arising from tropical storm ‘Pilar’.
“No damage was reported on site after the storm,” added management.
In the Dominican Republic at Monte Plata, electricity production fell 10 per cent due to less than optimum solar panels.
That said, in December 2023, MPC announced the financial close of Phase II of Monte Plata Solar Park. Phase II attracted a project finance loan from the Dutch development finance institution FMO; the Panamanian financial institution and asset manager CIFI; and the CIFI Sustainable Infrastructure Debt Fund, which channels resources toward sustainable infrastructure development in Latin America and the Caribbean.
“Over its operational lifespan, the expanded solar park is expected to mitigate the production of nearly 1.5 million tons of CO2 during the life span of 20 years,” stated MPC.
The company invested US$3.8 million to acquire a chunk of phase 1 of Monte Plata and US$9.8 million to acquire a stake in phase II of Monte Plata.