MPC Clean Energy completes reorganisation, widens regional footprint

MPC Caribbean Clean Energy Ltd closed 2024 having completed a major group reorganisation.

It expanded its renewable energy portfolio and reportedly deepened its community impact across the Caribbean and Central America.

In its annual report for the year ended December 31, 2024, the company confirmed the transfer of all assets from its former investment fund to the company itself.

The restructuring, finalised on September 25, 2024, after legal delays across multiple jurisdictions, consolidated assets including Paradise Park in Jamaica, San Isidro in El Salvador, Tilawind in Costa Rica and Monte Plata in the Dominican Republic directly under the listed entity.

Combined, these four operational projects produced 205,696 MWh of renewable energy in 2024 and avoided 87,339 tonnes of carbon dioxide emissions.

MPC Caribbean Clean Energy Ltd is a Barbados-incorporated, publicly listed investment company established in 2017.

Its purpose is to enable private and local institutional investors in the Caribbean and Central America to invest in renewable energy projects.

The company is listed on the Jamaica Stock Exchange and the TT Stock Exchange.

Chairman Fernando Zúñiga, in his annual address to shareholders, described the positive long-term prospects for clean energy in the region.

"The positive investment environment for renewable energy in the wider Caribbean and Central American offers investors potential for attractive returns over the long term," he said.

The company reported a comprehensive net loss of US$2.6 million for the year. This was largely the result of a US$3 million fair value loss on investments, driven by higher risk-free rates affecting valuations, construction cost overruns, delays and accounting adjustments following the reorganisation.

The company also recognised US$410,476 in interest income and received US$1.1 million in cash distributions from its assets, mainly used to settle management fees, budgeted expenses and legal fees associated with the restructuring.

The company also maintained commitments to environmental, social and governance (ESG) initiatives.

It reported that in 2024, its projects created 274 jobs, 90 per cent of which were filled by local hires.

Zúñiga said the focus for 2025 would be operational efficiency and identifying new investment opportunities to sustain growth.

"Renewable and clean energy is not only a must for our future but has also great investment potential," he added.

The company expects to complete the liquidation of its former Cayman Islands fund structure by June.