Registration was made yesterday with the JSE being notified

MPC Caribbean Clean Energy Limited, a management company for renewable projects, has registered its US$10 million investment in its investment subsidiary, MPC Caribbean Clean Energy Fund LLC.

MPC Caribbean Clean Energy Fund LLC, which is based in the Cayman Island, is the “Investment Company” in which MPC Caribbean Clean Energy Limited is supposed to invest as outlined in the company’s initial public offer prospectus in November 2018.

The company has been submitted as a shareholder, who invested in MPC Caribbean Clean Energy Fund LLC for a committed amount of $US10-million as of yesterday (September 22) with a notification being sent to the Jamaica Stock Exchange (JSE).

MPC Caribbean Clean Energy Fund is a Cayman Islands exempted company incorporated in The Cayman Islands in 2017. The Fund focuses primarily on solar PV and wind projects, which are expected to account for between 80 per cent to 100 per cent of overall investment.

Promissory note agreement

Last November, MPC Caribbean Clean Energy announced that an investor provided the company with US$10 million in cash by way of a new promissory note, which will result in growing its capital base by half to US$30 million.

There was a conversion clause in the promissory note agreement that could make the investor, whose identity was not disclosed, the largest shareholder in the listed company that trades on both the JSE and Trinidad & Tobago Stock Exchange. It is yet to be confirmed if this clause has been triggered.

The note in the amount of US$10 million to an accredited investor will go into the MPC Caribbean Clean Energy Fund. The investment company will utilise the funds to finance acquisitions in energy ventures. MPC Caribbean’s major assets include holdings in a wind plant in Tilawind, Costa Rica and a solar plant at Paradise Park in Westmoreland, Jamaica.

The investor will receive dividends capped up to 8.0 per cent each year, the market notice stated.