Sale to be finalised by Q1 of 2027

Durrant Pate/Contributor

Jamaican-listed renewable energy company MPC Caribbean Clean Energy has formally signed a sale and purchase agreement to offload its indirect shareholding in San Isidro Solar Farm in El Salvador to Potenza Holdings, S.A. de C.V. 

MPC Caribbean is advising that the agreed purchase price is US$3.27 million, subject to customary post-signing and closing adjustments. The sale agreement was signed last week. 

The deal is subject to customary post-signing and closing adjustments. The sale is part of MPC Caribbean Clean Energy’s strategy to dispose of its assets, with the proceeds being distributed to Class B shareholders after the company retains sufficient liquidity and working capital to meet its obligations. 

MPC Caribbean sold its interest in Jamaica’s Paradise Park solar project for US$5.87 million in April 2025 and now San Isidro, which is a 6.4-MWp photovoltaic power plant located in Sensuntepeque, in the Cabañas department of El Salvador.

First dividend distribution pending

Completion of the transaction remains subject to the satisfaction or waiver of customary conditions precedent and is expected to be achieved by the end of the first quarter of 2027. At last month’s Annual General Meeting (AGM), shareholders approved the sale, advancing the company’s withdrawal from its renewable-energy portfolio and a planned distribution to investors, potentially its first since 2019.

MPC investment manager advised shareholders at the AGM, which was held virtually, “as part of the company’s broader portfolio realisation process, more than 20 potential buyers were approached regarding one or more of the company’s assets. This process generated market interest across the portfolio and ultimately resulted in a binding offer for San Isidro.” 

Subject to completion, the sale would further strengthen MPC Clean Energy’s cash position, which stood at US$4.91 million at the end of March. Chairman Fernando Zúñiga advised that the company intends to monetise its remaining interests in the Monte Plata solar project in the Dominican Republic and the Tilawind wind farm in Costa Rica.

MPC Clean Energy was established with the objective of investing in renewable energy assets and generally holding those investments for a period of approximately six to eight years. As such, the company is currently in a portfolio realisation phase consistent with the strategy communicated to shareholders at last month’s AGM.