MPC lists on TTSE

German-backed, Barbados-based renewable energy company, MPC Caribbean Clean Energy Co Ltd, has been listed on the TT Stock Exchange (TTSE). The US-dollar denominated security joined the TTSE line-up on January 14 and is the first renewable energy company to list on a Caribbean stock exchange and solely dedicated to clean energy investments. It has also been cross-listed on the Jamaican Stock Exchange.

The initial public offer (IPO) was opened on December 3 and closed December 14. The company raised US$11 million from its IPO via 241 investors. The price per share was US$1, and the company’s target was primarily institutional investors. Newsday had previously reported that the company said it had not been granted International Financial Institution (IFI) approval, without stating any reasons and, as a result, many interested institutional investors were not able to participate in the IPO.

MPC admitted it was “fairly complex” to cross-list a Barbados-domiciled on the TT and Jamaican stock exchanges because of differences in law and regulations.

Despite not meeting the target because of regulatory issues, the company said it still saw strong demand on investing in clean energy projects in the region.

Parent company MPC Capital already has two main holdings so far in the region—a windfarm in Costa Rica (in partnership with Ansa McAl) and another in Jamaica.

The foundation for this listing, the company said in a release, is the Jamaica project. The US$64 million park is the biggest in Caricom and, when it comes on stream later this year, is expected to power 100,000 homes. The company has also submitted proposals to the Ministry of Energy for a plant in Trinidad.

“We strongly believe that the economic benefits and return on investments should not only be harvested by foreign investors, but also by the institutions and individuals of the region.

On this basis, we decided to initiate this IPO,” MPC said.