SOLD: MPC Clean Energy to pay out proceeds from Paradise Park sale after deal closes

 



MPC Caribbean Clean Energy Limited (MPCCEL) via notice of material change on the Jamaica Stock Exchange gave notice that on 31st October 2024 (economic transfer date) MPC Caribbean Clean Energy Limited entered into the Sale Purchase Agreement to sell its indirect shareholding in Paradise Park through its subsidiary EREC Investment Ltd and on 31st March 2025 the transaction has been successfully completed.

The company stated, “It is intended that after providing for an appropriate liquidity reserve at the Company and Holding Company level to cover administrative, business expenses, contingencies and to adhere to any legal restrictions, the Company intends to pay out up to 100 per cent of the remaining sales proceeds received from the sale of Paradise Park. “

In October 2019 Neoen, a renewable energy independent power producers and the majority shareholder in Paradise Park, a 51.5 MWp PV farm based in Westmoreland, Jamaica, together with the solar park’s co-shareholders, Rekamniar Frontier Ventures and MPC Caribbean Clean Energy Fund, commenced the energization of its operations at the plant. The construction and maintenance of the project was awarded to Eiffage Energía.

Neoen, together with Rekamniar, won in a tender launched by the Jamaican Office of Utilities Regulation (OUR). Paradise Park delivers to Jamaica’s national utility, the Jamaica Public Service Company Limited, what is rated as the cheapest electrical energy ever produced in Jamaica – with a base tariff of USD 85/MWh – through a 20-year power purchase agreement.

MPC outlined that its investment value in Paradise Park is US$64 million.

Caribbean Money Daily


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