December 19 (SeeNews) - German asset and investment manager MPC Capital AG said today it is creating a renewables investment platform targeting assets in the Caribbean.
The Hamburg-based company said it will co-invest in a joint vehicle that will take a stake of just under 50% in the 50-MWp Paradise Park solar photovoltaic (PV) project in Jamaica. It added that the total investment volume amounts to about USD 50 million (EUR 47.9m).
The particular project is being developed by French independent power producer Neoen, which will hold a majority stake, in cooperation with local firm Rekamniar Frontier Ventures. Construction work is expected to start in mid-2017 and the plant is seen to be completed in 2018. It has a 20-year power purchase agreement (PPA) in place with the Jamaican Public Service Company (JPS).
"Power generation costs in the Caribbean are high, so forms of renewable energy are generally very competitive,” said Roman Rocke, Management Board member of MPC Capital.
(USD 1.0 = EUR 0.957)