MPC Caribbean Clean Energy Limited (MPCCEL) has advised that on December 22, 2020, MPC Caribbean Clean Energy Fund LLC, the investment arm of MPC Caribbean Clean Energy Limited, has agreed to the acquisition of the 6.4-megawatt (MW) San Isidro solar park in El Salvador.
The acquisition is subject to customary conditions and should close by Q1 2021. The commercial operations date is scheduled for early January 2021.
San Isidro solar park will help to cut an estimated 36,000 tons of CO2 emissions throughout its lifetime, according to MPCCEL.
Through MPC Caribbean Clean Energy Fund LLC (Fund), MPCCEL exclusively invests and manages investments in renewable energy projects across the Caribbean and Latin America. The fund focuses primarily on solar photovoltaic and wind projects, which account for between 80 per cent to 100 per cent of overall investment.
In November 2020, the company raised US$10 million in new funding via a bond. Earlier in 2020, the parent executed its second round of investment in MPC Caribbean Clean Energy Fund LLC, a Cayman Islands exempted company incorporated in the Cayman Islands in 2017.
In January 2019, MPC also raised US$10 million via a rights issue on the Jamaica and Trinidad and Tobago stock exchanges — on both of which it trades stocks.
Formerly known as CCEF (Barbados) Feeder Limited , MPC changed its name in 2018. It principally engages in investment holdings.
The company owns 68 per cent of MPC Caribbean Clean Energy Fund, a private equity investment incorporated in Cayman, which is a feeder fund for investments in renewable projects in Jamaica, Trinidad and Tobago, and the wider Caribbean.
Projects in which the company has invested previously include Talawind — a 21-MW wind farm in Costa Rica.