Profit for Innovative Energy comes after group consolidation

 

 Caribbean Money Daily. Innovative Energy Group pays (formerly Ciboney Group Limited) disclosed this week that it paid US$17.7 million (J$2.8 billion) for subsidiary IECL, also reporting profit for the first time following consolidation.

For the second quarter ended November 30, 2024, the Group, comprising IEG (the company) and its subsidiary (IECL) - recorded a profit of $12.3 million, compared to a loss of $3.8 million for IEG (the company) in the corresponding quarter of 2023.

Management stated, “Given the completion of the IECL acquisition transaction on November 1, 2024, this quarter’s consolidated results reflect one month of the subsidiary’s performance. Revenues and profits reported for this quarter are mainly from the subsidiary’s renewables operations during the month of November.”

It was disclosed that on August 26, 2024, Innovative Energy Group Limited (IEG) entered into an agreement with the owners of Innovative Energy Company, DBA IEC SPEI Limited (IECL) – a related party - to purchase 100 per cent of its shares for a purchase consideration of US$17,746,443 (equivalent to J$2.8 billion), to obtain full control over all the assets, liabilities and operations of IECL.

The binding terms and conditions of the agreement were satisfied during this quarter. The acquisition transaction involves the issuance of debt instruments and additional equity in IEG.

IECL is now a wholly owned subsidiary of IEG. The energy services now offered and managed by the IEG Group are distribution of renewable energy products; project development; project design and engineering; turnkey construction of renewable energy projects; operations and maintenance services for energy projects ; remote monitoring of energy projects and performance contracting.

Innovative Energy Group meanwhile indicates that it is actively pursuing opportunities in Jamaica’s renewable energy market. The company says plans to expand into utility-scale projects, electric vehicle (EV) infrastructure, as well as residential and commercial solutions.

The group has also indicated its intention to raise US$5 million in a mixture of debt and equity, considering green bonds as one option.

At the Annual General Meeting of IEG on January 9, 2025, the issuance of 850 million shares was approved which facilitates the allotment of the agreed number of shares in relation to the acquisition of IECL.

Caribbean Money Daily

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