MPC open for business in Cayman
MPC Caribbean Clean Energy Limited (MPC) the company which manages funds invested in renewable energy projects in the Caribbean is now active in the Cayman Islands.
The company has given notice that it has been submitted as a shareholder in the Cayman Islands-based company MPC Caribbean Clean Energy Fund LLC for a committed amount of US$9.2 million.
The project closed on July 13.
The investment company, as outlined, is a Cayman Islands-exempted company incorporated in the Cayman Islands in 2017.
The fund focuses primarily on solar PV and wind projects, which are expected to account for between 80 per cent and 100 per cent of overall investment.
Projects in which MPC has previously invested include Talawind (21 MW wind farm in Costa Rica) and Paradise Park (51.5 MWp solar park in Jamaica).
At year-end Tilawind exceeded its forecasted energy production by 2.3 per cent.
Paradise Park started commercial operations in June 2019 and reached its target energy production and sales levels after a start-up phase in November 2019.
Tilawind and Paradise Park earned revenues of a combined US$10.96 million resulting in a combined EBITDA of US$7.22 million.
Income in the past year income amounting to US$1.89 million was a combination of valuation gains on fair value of approximately US$878,000 and dividend income of US$1,014,877.
In January 2019, MPC raised US$10 million via a rights issue in Jamaica and Trinidad. The company is now listed on the stock exchanges of both territories.
The company named its largest investors as being the Development Bank of Jamaica, funds managed by Sagicor Group Jamaica Limited and the Teachers Credit Union of Trinidad and Tobago.
In comments attached to its unaudited, year-end results, the company said that after a satisfactory KYC process, MPCCEL would have made the second investment into the fund, of a size will equal to the net proceeds raised in the rights issue, minus a liquidity reserve.