Innovative Energy Group Limited

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What it is

Innovative Energy Group Limited — formerly Ciboney Group Limited — is a Jamaican company listed on the Main Market of the Jamaica Stock Exchange, whose new majority owner and board are transforming a former tourism operation into a regional conglomerate focused on clean energy, engineering, construction and real estate.

The group has developed, financed, built and operated over 20 energy projects in the United States, Central America and Jamaica, providing hybrid renewable and cogeneration solutions; its technology ranges from small 30-kilowatt microturbines all the way up to 30-megawatt installations running on natural gas, LPG, landfill gas, diesel or aviation fuel.

It also develops and maintains solar installations and other renewable energy projects such as solar photovoltaic, liquid natural gas (LNG) and wind power for residential, commercial and industrial clients; the company was formerly known as Ciboney Group Limited and changed its name in March 2024.

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Who owns it

Under Jamaica Stock Exchange Main Market rules a minimum 20% of issued share capital must be publicly held; IEC Energy Company Limited currently holds 1,104,800,000 shares — an 83.9% stake — placing IEG temporarily outside that threshold.

IEC Energy Company Limited is in turn controlled by a St. Lucia-registered vehicle alongside Nigel Davy and Jennifer Davy.

IEC initially acquired its position in June 2023 for JMD $19.69 million — just JMD $0.05 per share — from entities controlled by FINSAC Limited.

After selling a portion of shares on market, IEC’s stake is expected to fall to roughly 78.6%, which meets the JSE’s minimum public-float requirements.

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Who runs it

Dr. Conrad Miller was appointed Chief Executive Officer effective April 14, 2025; his background in sustainability aligns with IEG’s mission as a Caribbean renewable energy leader, and he is responsible for strategic direction, innovation and operational delivery.

Outgoing CEO Nigel Davy continues as Executive Chairman, focused on business development. Davy is also the founder and original CEO of Innovative Energy Company Limited, the operating subsidiary headquartered in Kingston.

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The money, in plain words

For the year ended May 2024, IEG posted a net loss of JMD $11 million (~US$70,400) on nil operating revenue — it was still a corporate shell, burning cash on restructuring and legal fees.

For the financial year ended May 2025, the seven months over which the new group structure was consolidated delivered revenue of JMD $321 million (~US$2.1 million) and a net profit of JMD $82 million (~US$524,600) — a net margin of roughly 25.5%, high for an early-stage company but reflective of project-heavy, high-margin engineering work rather than a volume business (our calculation).

In the six months to November 2025, revenue jumped 207% to JMD $120 million (~US$767,600) with net profit of JMD $18.15 million (~US$116,100); the group’s balance sheet stood at JMD $3.28 billion (~US$21 million) in total assets, with shareholders’ equity of JMD $1.04 billion (~US$6.65 million).

The company pays no dividend and carries acquisition-related debt from the US$17.75 million purchase of its subsidiary. Its market value of JMD $546 million (~US$3.5 million) as of November 2025 makes it a micro-cap — a bet on execution, not a proxy for size.

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What it is doing now

In January 2025, IEG signed a two-year renewable distribution agreement with Huawei Technologies for the sale of digital power products — inverters, battery storage systems and monitoring equipment — across Jamaica and the English-speaking Caribbean, with conservative projections of potential sales exceeding US$50 million over five years.

Its subsidiary is also completing two major solar-plus-battery storage projects with MBJ Airports Limited and the National Irrigation Commission. And in an early-stage diversification, the group secured a dealership with Tara Electric Vehicle in February 2025 to distribute electric golf carts in Jamaica and the wider Caribbean.

The company is targeting US$100 million in top-line revenue over the next five years, with regional markets — including Trinidad & Tobago — expected to contribute significantly.

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What to watch

• Jamaica’s renewable energy penetration stands at roughly 20%; the government’s target of 50% by 2030 is the market tailwind the entire IEG thesis rests on.
• IEC Energy Company Limited is selling 51.7 million shares (about 3.9% of capital) on market over the next six months to restore the public float — watch for price pressure and new shareholder identity.
• IEG plans to bid aggressively on upcoming renewable energy project tenders across Jamaica and the Caribbean, and is also exploring acquisitions — execution risk is real for a company this size.
• Revenue is growing fast off a near-zero base; the key test is whether project wins translate into consistent, recurring cash, not just lumpy engineering contracts.

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This is news, not investment advice.