MPC Caribbean Clean Energy Limited, the First Main Market Jamaican Dollar and US Dollar Listing for 2019

Posted: January 16, 2019 at 5:41 pm

MPC Caribbean Clean Energy Limited (MPCCEL) had the distinction of being the first alternative energy investment company and the first company to list its shares on the Main Market in 2019, with the listing of its 11, 424, 160 units of Class B Redeemable Voting Shares. Through this offer, the company has 242 additional shareholders spanning both Jamaica and Trinidad. With the listing of MPCCEL, the total listed companies on the main market are now 40 representing 54 securities. Also with this listing, 13 securities are now listed on the US Dollar Equities Market. The total number of securities across markets is now 109, including the $784.39 million raised by MPCCEL, a total of $1.25 billion have been raised by the companies approved to list in January 2019.

Mrs. Marlene Street Forrest, Managing Director in her welcomes stated “we are witnessing the first Main and US Dollar market listing for 2019 with the Listing of MPC Caribbean Clean Energy (MPCCEL). This is also the first company to list on the JSE Main Market, JSE USD Equities Market and TTSE Market simultaneously in over 20 years”. She also highlighted that MPCCEL is also the first investment company which focuses primarily on solar PV and wind projects to list on the JSE.

Mr. Delaire in his remarks stated that, “the Paradise Park is the nucleus of our activities and has shown us the tremendous potential for renewable energy in the Caribbean. The company will start generating electricity in July 2019 consequently, making solar PV power the cheapest source of energy in Jamaica. Coupled with the acquisition of an operational wind farm in Costa Rica, these two projects will provide renewable energy to approximately 100,000 homes”. He also stated that, “we have outlined a strategy to acquire more projects in which we are confident will supply more than 1,000,000 homes with power produced by renewable energy in the Caribbean”.

JN Fund Managers Limited, Deputy General Manager Jermaine Deans, in his remarks noted that the journey to listing MPCCEL was long but the synergy between all parties made the process seemed much shorter. He commended the regulators in Trinidad and Jamaica and the Exchanges for their efforts in fostering investments and the growth of the equities markets in the region.  

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