MPCCEL to deploy capital into new assets

September 1, 2020

Mr. Martin Vogt, MPC Caribbean Clean Energy Fund LLC’s fund manager, commented on the financial performance of the MPC Caribbean Clean Energy Limited. He noted that the Company generated income of US$272,407 (2018: nil) during the relevant period in 2019 with the operating expenses incurred amounting to US$212,727 (2018: US$251,848) and as a result, it generated the net income of US$59,680 (2018 net loss: US$251,848). 

 Mr. Vogt provided an overview of 2019, stating that, “on September 25, 2019, a distribution of USD 1,014,877 was made to the holders of Class B redeemable participating shares, resulting in total Share Capital of USD 10,105,327 as at December 31, 2019.” 

Outlook on investment strategy of the Investment Company  

Mr. Vogt highlighted the 2020 deliverables and outlook on the Fund’s investment strategy. He stated: 

  • On January 10, 2020 – the Company closed the Rights Issuance and raised USD, 8,884,111 in Jamaica and USD1,358,271 in Trinidad and Tobago.  
  • On February 3, 2020, after the allotment of the shares, the Trinidad and Tobago and Jamaica Stock Exchanges approved the listing of the Company’s Class B Shares. 
  • July 7, 2020 – The Company subscribed and was approved as an Investor Member of the Fund following the completion of the extensive Anti Money Laundering and Know Your Customer checks to meet the both regulatory requirements of the Stock Exchanges in Jamaica and Trinidad and Tobago and of the Fund administrators in The Cayman Islands of the Rights Issuance. 
  • The Company invested US$9,292,378.58 into the fund for further deployment in renewable assets in the region.  
  • “The capital had been called to the fund from the Company and now available for investments. However, due to the COVID-19 pandemic, the advisors were cautiously reviewing new investment opportunity to deploy additional capital, have short listed some projects where the commercial, legal, technical and due diligence have been reviewed and are confident that within 2020 that the capital can be deployed into several new assets which will diversify the existing portfolio of the fund that will in turn bring additional benefits to the shareholders of the company.”  

 Mr. David Delaire, MPC Caribbean Clean Energy Fund LLC’s fund manager, provided an update on the existing projects in Jamaica and Costa Rica. He noted that: 

  • In Jamaica, Paradise Park, the solar park commenced commercial operations on 23rd June 2019 and had been in full operation since that date. Moreover, the anticipated revenue was expected to increase once the final construction related points had been completed with some already completed and improvement of asset was visible and had realized an improved performance of the asset. 
  • In Costa Rica, Tilawind, the wind farm had a productive 2019 due to high wind speeds which led to above forecasted wind speeds, which resulted in an 8.9% dividend being paid out in September of 2019. However, the first semester of 2020 has had lower wind speeds than expected due to some storms in April and May, which resulted in a lower generation of energy than expected.