Paradise Park, the seed asset for MPC Caribbean Clean Energy Fund has started energy production, making it a revenue-generating facility.
Investors of the 51 MWp solar PV park in Westmoreland also include MPC Capital's investment platform for renewable energies in the CARICOM region, Neoen and EREC-Co Invest.
At the time of production start, Paradise Park is the cheapest source of power generation in Jamaica, the MPC Caribbean said in a press release.
“Paradise Park, which is now part of our operational portfolio, signifies our commitment to increasing renewable energy production in Jamaica and the wider CARICOM region. We have actively participated in the administrative and construction management activities of Paradise Park and are pleased with the outcome,” said David Delaire, Managing Director of MPC Renewable Energies.
MPC Renewable Energies is a business unit of MPC Capital.
After an intense 12 months of construction, the solar PV park was energized on June 6 and the Jamaica Public Service Company confirmed its acceptance on June 23.
The project company (Eight Rivers Energy Company Limited or “EREC”) and the EPC contractor are now finalizing the facility.
At the peak of its construction activities, Paradise Park employed more than 300 personnel. Over 70 per cent of workers were from Jamaica, mainly from the surrounding communities.
“We plan to continue the close collaboration with our partners during the operational phase of this project and will be actively monitoring its performance on a real-time basis. The main focus lies on ensuring that our shareholders’ interests and expectations are being met,” Delaire stated. “In accordance with the mandate of the fund, we continue to evaluate additional investment opportunities in the renewables sector for both institutional and retail investors who wish to capitalise on opportunities in the growing market.”
Jermaine Deans, deputy general manager, JN Fund Managers, stated, “Investors will be reassured to see this pivotal entity in the und’s development programme starting to bear fruit. We are looking forward to its expansion into more cost-efficient renewable energy projects across the region.”
JN Fund Managers spearhead the local initial public offer of the MPC Caribbean Clean Energy Fund last December.