MPC Caribbean Clean Energy seeks USD 50m in IPO

MPC Caribbean Clean Energy Ltd is seeking to raise USD 50 million (EUR 44m) through an initial public offering (IPO) to invest in, as its name suggests, renewable energy projects in the Caribbean region.

The company is selling 50 million Class B participating and voting shares in Trinidad and Tobago, where the price is USD 1 apiece, and in Jamaica, where the price is JMD 130 apiece. The plan is for the stock to be cross-listed on the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock Exchange (TTSE).

The offering will open on December 3 and close on December 14, says a prospectus published several days ago.

Barbados-based MPC Caribbean Clean Energy Ltd will use the proceeds from the IPO to invest in MPC Caribbean Clean Energy Fund LLC, “one of a handful of investment funds specialising in clean energy in the Caribbean.” MPC Capital AG is the sponsor of the fund. Its first seed asset is the 37-MW Paradise Park photovoltaic (PV) park, currently under construction in Jamaica. The second seed asset is the 21-MW Tilawind wind park in Costa Rica. The fund and ANSA McAL Ltd are acquiring this operational wind farm together.

A further 14 projects, or 314 MW of capacity, have been prioritised and form the indicative deal pipeline for MPC Caribbean Clean Energy Fund. They represent a total investment of roughly USD 499 million.

JN Fund Managers Ltd and First Citizens Brokerage and Advisory Services Ltd serve as arrangers and lead stock brokers in Jamaica and in Trinidad and Tobago, respectively.

(USD 1 = EUR 0.88)

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