MPC Caribbean Clean Energy lists tomorrow
The listing of MPC Caribbean Clean energy Limited on the Jamaica Stock exchange will take place on Monday, January 14, at 9:00 am. The company will also be cross-listed on the Trinidad & Tobago Stock exchange, at the same time.
An Initial Public Offering (IPO) on the Jamaica and the Trinidad and Tobago stock exchanges targeted at institutional investors raised a total of US$11 million across the two stock exchanges. Lead brokers were JN Fund Managers Ltd. in Jamaica, and First Citizens Brokerage and Advisory Services Limited in Trinidad & Tobago.
The offer is part of a larger project to raise US$200 million in private equity across the Caribbean by MPC Caribbean Clean Energy which will focus on investment assets in the renewable energy and the energy efficiency and storage sectors, across Latin America and the Caribbean.
Jamaica is a core participant in the project, with the Eight Rivers Energy Park, a 50MW solar plant in Paradise Park, Westmoreland, being identified for investment. Financing of the park was successfully completed in mid 2018 with Proparco (France’s development bank) and Dutch development bank FMO providing the senior debt for the project totalling USD 64 million.
MPC Caribbean Clean Energy’s listing is sponsored by MPC Capital, an investment management firm situated in Hamburg, Germany. In addition to the Eight Rivers Energy Park, MPC Capital is also overseeing a 21MW Tilawind onshore wind farm in Costa Rica.