A foreign investor in Jamaica’s largest solar farm under construction in Westmoreland will be floating shares on the Jamaica Stock Exchange, via an initial public offering likely by month-end, as part of a regional plan to raise US$200 million in capital.
But the German operators of the firm targeted for listing, MPC Caribbean Clean Energy Limited are not saying how much they plan to raise on the Jamaican exchange, citing regulatory strictures, until the prospectus is approved. They are also targeting bank loans, other financiers, and another regional stock exchange to raise the full amount.
The energy outfit is a subsidiary of MPC Renewable Energies GmbH, which has taken a one-third stake in the Paradise Park photovoltaic or solar project being developed by Eight Rivers Energy Company. The 51 MW project headed by Angela Rainford is costing US$64 million to develop, and MPC holds a 34 per cent of the Paradise Park solar project, said co-managing director of MPC Renewable Energies Martin Vogt.
“Overall, we’re looking to raise US$200 million – a significant portion of which will come from development financing institutions rather than local investors in the region – and we’re hoping to deploy that within three years, and we are certainly looking at Jamaica as one of our core markets,” Vogt said in an interview with The Gleaner on Monday. The companies are owned by private equity firm MPC Capital.