MPC Caribbean Clean Energy Ltd. launches USD 22 million rights issue to boost investment into new renewable energy projects
07 Nov 2019
MPC Caribbean Clean Energy Ltd. (“the Company”) today announced the launch of a capital increase via an offering of renounceable subscription rights to existing shareholders (“Rights Issue”). The Company expects to issue up to 22,848,320 new shares.
Subscription ratio: 2 new shares for every 1 existing share
- for applicants subscribing in Jamaica: JMD140.00 per new share, based on a reference rate of USD1.00 to JMD140.00
- for applicants subscribing in Trinidad and Tobago: USD1.00 per new share
Subscription period: 13 th November 2019 until 16th December 2019 inclusive
ST. MICHAEL, Barbados – 7 th November 2019 – MPC Caribbean Clean Energy Ltd. (“the Company”) today announced the launch of a capital increase via an offering of renounceable subscription rights to existing shareholders (“Rights Issue”). The Company expects to issue up to 22,848,320 new shares.
The Rights Issue will allow the Company, which has been formed to facilitate and participate in renewable energy project investments of the MPC Caribbean Clean Energy Fund LLC (“the Fund”), to increase its equity contribution in the Fund. The Fund itself will invest the capital in new clean energy projects in the wider Caribbean region.
Each shareholder of the Company will receive a renounceable subscription right to purchase two shares of the Company’s common stock (Class B Shares) for each share of the Company’s common stock held on 8 th November 2019. The subscription price for new shares has been set at JMD140.00 per share for applicants subscribing in Jamaica and USD 1.00 per share for applicants subscribing in Trinidad and Tobago.
The subscription period will run from 13th November 2019 until 16th December 2019 inclusive. Commencement of trading for the new shares is subject to the Jamaica Stock Exchange and the Trinidad and Tobago Stock Exchange’s approval of the Company’s application to list the new shares.
Martin Vogt, Managing Director at MPC Renewable Energies, said: “We are confident that the investor sentiment for renewable energy investments in the Caribbean is favorable for the Rights Issue. Investors are becoming more and more familiar with the sector gaining relevant experience which nurtues the growing appetite for our stock as well. The global and regional outlook for the renewable energy sector remains excellent. Since the IPO last year and with its first dividend of USD 8.9 cents per share in September of this year, the Company also demonstrated the financial soundness of investments in the renewable energy assets. The Rights Issue represents now an excellent opportunity for the Company’s existing shareholders to purchase additional shares and grow their exposure to the regional clean energy sector. The proceeds will be invested into the Fund and then used for investments in renewable infrastructure assets, especially solar PV parks and wind farms, in the Caribbean Basin.”
“We have a pipeline of 14 clean energy projects, including projects in Jamaica, Trinidad and Tobago, El Salvador, Barbados and Dominican Republic, that account for 320 MW and will enable us to support the region on its journey to a green future,” Mr Vogt continued. “The Caribbean community (Caricom) plans to add more than 5.3 GW of renewable energy capacity to its power mix in the next eight years – and we have the firm intention to play a major role in that transition.”
MPC Renewable Energies GmbH, a wholly-owned subsidiary of the publicly listed German asset and investment manager MPC Capital AG, is the investment advisor to the Fund. The investment advisor’s management team consists of Martin Vogt, Managing Director and Head of Origination, David Delaire, Managing Director and Head of Asset Management, and Fernando Zúñiga, Director and Head of Central America & Caribbean.
About MPC Caribbean Clean Energy Ltd.
MPC Caribbean Clean Energy Ltd is a Caribbean-based investment company which was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad & Tobago to invest in renewable energy assets. The Company invests in renewable energy projects via MPC Caribbean Clean Energy Fund LLC, the leading specialized fund which invests in Jamaica, Trinidad and Tobago and the wider Caribbean basin.
MPC Renewable Energies GmbH, with its extensive renewable energy experience, is a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital AG. After conducting indepth research and analysis of the Caribbean market, it created the MPC Caribbean Clean Energy Fund LLC and MPC Caribbean Clean Energy Ltd. to enable investments into the Caribbean renewable energy market. More details and the prospectus of the Rights Issue available for download at www.mpc-cleanenergy.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
cmb Limited, Charlieville, Trinidad, W.I.
Phone: (868) 797-7191
This communication is targeted at, and subscription in MPC Caribbean Clean Energy Limited (the "Company") is only open to, prospective investors that are resident in one or more of the following jurisdictions and not in any other jurisdiction: Jamaica and Trinidad and Tobago. Any offer or sale of securities may in certain jurisdictions be restricted by law. The communication does not constitute an offer to sell or a solicitation of an offer to buy interests in the Company in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. In particular, this communication is not an offer of securities for sale in the United States or to any US person (as defined for purposes of US securities laws in general, and the Securities Act of 1933, as amended, in particular), and such offers and sales may not be made in the United States absent registration or exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain additional, detailed information regarding the statements made herein.