Wigton Windfarm Limited (“Wigton”) has advised that it has entered into two (2) joint venture agreements with IEC SPEI Limited (“IEC”).
Joint Venture Agreement – Single Project
IEC and Derillion Energy Jamaica Limited (“Derillion”) were jointly awarded a contract by PAC Kingston Airport Limited (“PACKAL”), the operators of the Norman Manley International Airport (“NMIA”), to design, supply, install, test and commission a 2MW photovoltaic system at NMIA.
Following the award of the contract by PACKAL, IEC entered into discussions with Wigton with a view of Wigton participating in the project as a co-venturer with IEC. This culminated in IEC and Wigton entering into a single-project joint venture agreement, whereby IEC agreed to partner with Wigton as regards IEC’s stake in the project.
Wigton’s project outlay is primarily the provision of project management and project oversight services along with a contribution towards working capital.
Joint Venture Agreement – Green Energy Solutions
Both Wigton and IEC have agreed to cooperate in the design, installation, operation, and maintenance of “green energy solutions” for the benefit of third parties who intend to generate green energy for their own consumption or to sell power to the Jamaica Public Service Company Limited.
IEC currently has an active pipeline of green energy projects in Jamaica, and it is anticipated that Wigton will participate in some of these projects.
IEC is an established engineering and construction firm in the green energy field and is the authorised representative of Capstone Green Energy Microturbines. Of note, the principal of IEC is a Director of Wigton. In entering into both joint ventures with IEC, all requisite corporate governance protocols were duly observed by Wigton’s Management and Board.
Wigton wishes to undertake renewable energy projects as consultants and contractors to third parties and partnering with experienced firms, like IEC, is an ideal way to start. Wigton will be seeking other opportunities for joint collaboration on projects with experienced firms as it pursues its revenue diversification strategy.
