December 28 (Renewables Now) - MPC Caribbean Clean Energy Ltd has completed its initial public offering (IPO), raising just USD 11 million (EUR 9.6m) against a target of USD 50 million.
The Barbados-based company launched its IPO on the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock Exchange (TTSE) at the start of December with a plan to sell 50 million Class B participating and voting shares. In a statement last week, it said it will use the proceeds for clean energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region. It will do so by investing in MPC Caribbean Clean Energy Fund LLC -- an investment fund focused on clean energy in the Caribbean and sponsored by MPC Capital AG.
The list of initial investments planned by MPC Caribbean includes a 50-MWp Paradise Park solar park being built in Caricom, Jamaica, and the 21-MW Tilawind wind farm in Costa Rica.
JN Fund Managers Ltd and First Citizens Brokerage and Advisory Services Ltd served as arrangers and lead stock brokers in Jamaica and in Trinidad and Tobago, respectively.
(USD 1.0 = EUR 0.874)