MPC Capital expands its Caribbean renewables platform into Barbados
Martin Vogt, Managing Director at MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital.
MPC Capital today announced the further expansion of its development and investment activities in the Caribbean and Central American region. The company, which is already active in Jamaica, Costa Rica, Panama, Trinidad & Tobago and Colombia, has now entered the renewable energy market in Barbados.
MPC Capital has partnered with Guinea Estates Inc. for a first five MWp solar PV development in the eastern Caribbean island.
The project development activities are already being performed with an aim to begin construction in 2020. Together with its local partner, the firm intends to develop additional distributed generation solar PV projects of a similar size.
Martin Vogt, Managing Director at MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital, said: “We have closely monitored the renewable energy market in Barbados for the past three years. Under Prime Minister Mia Mottley and her administration, the investment climate and renewable energy framework have improved significantly in the last 12 months.”
“Strong political support is essential in order for us to enter into, and gain a foothold in new markets,” he continued. “We believe in the country’s commitment to be 100 per cent reliant on renewable energy by 2030 and are proud to support Barbados to achieve this goal. By actively pursuing and succeeding in obtaining attractive investment opportunities for the MPC Caribbean Clean Energy Fund, which began trading on the Jamaica Stock Exchange and Trinidad & Tobago Stock Exchange recently, we continue to demonstrate our role as a leading investor in the region.”
MPC Capital is in advanced discussions with other local stakeholders to secure more projects for the MPC Caribbean Clean Energy Fund, MPC Capital's investment platform for renewable energies in the Caribbean and Central American region.
The company aims to build a pipeline of wind and solar PV projects totalling up to 50 MW and with a total investment volume of approximately USD 75-100 million over the next few years in Barbados.
Vogt added: “In 2019, we are accelerating our investment activities in the Caribbean and Central American region. We have created a strong pipeline of wind, solar PV and energy efficiency projects for the MPC Caribbean Clean Energy Fund. We started our expansion in Barbados, but MPC Capital is also intensively reviewing other opportunities in Jamaica, the Dominican Republic and El Salvador.”