UCC seeks to reduce energy costs with MPC Capital partnership
MPC Capital and the University of the Commonwealth Caribbean (UCC) recently signed a Memorandum of Understanding (MOU) to install a rooftop solar photovoltaic (PV) facility with a peak capacity of 2 MW at the UCC’s main campus in Kingston, Jamaica.
Power generation is expected to start in the fourth quarter of 2020.
The energy efficiency measures will reduce the energy costs of UCC, cut its greenhouse gas emissions and increase its energy independence. The MOU formalises the cooperation between MPC Capital and UCC.
Under the MOU, MPC Capital will finance and operate the rooftop PV facility, while UCC will purchase the energy generated by the facility.
MPC Capital will add this investment to the portfolio of the MPC Caribbean Clean Energy Fund (“the Fund”), making it the second energy efficiency project of the Fund.
David Delaire, Managing Director at MPC Renewable Energies, said: “The collaboration with the University of the Commonwealth Caribbean provides a great opportunity for us to continue investing in Jamaica’s energy transition. UCC, Jamaica’s largest privately-held tertiary educational institution, is conscious of its energy consumption. Embarking on this project enables UCC to not only control but to also reduce its carbon emissions efficiently."
David Delaire, Managing Director at MPC Renewable Energies.
“Jamaica continues to be in the vanguard of the English-speaking Caribbean when it comes to progressive energy regulations and economic policies. This makes the country even more attractive to MPC Capital and the MPC Caribbean Clean Energy Fund,” Delaire added. “That’s why we strive to increase our footprint in the region and establish strong partnerships with local investors.”
Dr Winston Adams, UCC Group Executive Chairman, welcomed the partnership between UCC and MPC Capital and noted: “We are happy to be forging this partnership with MPC Capital and pledge our commitment to this renewable energy project. It enables us to reduce energy costs by using state-of-the-art technology and innovative clean energy solutions. This represents an important part of our contribution to preserving natural resources.”
Both MPC Capital and the University of the Commonwealth Caribbean agreed to jointly evaluate possibilities of cooperation with the utility provider Jamaica Public Service Company (JPS).
In addition, MPC Carribean Clean Energy Limited (MPC CCEL) is currently taking applications of new investors for its Rights Issuance which runs November 13 to December 16. Interested investors should contact JN Fund Managers for more information.