MP Communications Caribbean Enterprises Limited

What it is

MPC Caribbean Clean Energy Limited is a Caribbean-based investment company that was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad & Tobago to invest in renewable energy projects across the Caribbean region. It pioneered as the first publicly listed company in Jamaica and Trinidad & Tobago dedicated solely to clean energy investments across the Caribbean Basin and select Central American nations.

Together with its subsidiary, it focuses on investing in renewable energy projects in Jamaica, Trinidad & Tobago, and the wider Caribbean and Central American region, primarily in solar PV and wind farm assets. Its renewable energy portfolio of four key assets generated US$22.76m in aggregate revenue during 2024, with US$16.32m in operating cash earnings (EBITDA), of which US$7.01m was the pro-rated amount relative to MPCCEL’s ownership stakes.

Who owns it

MPC Caribbean Clean Energy was established in 2017 by MPC Renewable Energies, a subsidiary of MPC Capital AG of Hamburg, Germany, leveraging its experience in the Caribbean market. The fund structure formerly held by MPC Capital AG was transferred to MPCCEL in exchange for additional Class B shares, increasing MPC Capital AG’s indirect stake from 3.19% to approximately 22.2%, making it one of the company’s top three shareholders.

As at September 30, 2024, the three largest holders were: Teachers Credit Union Co-operative Society (20.22%), MPC CCEF Participation GmbH — MPC Capital’s vehicle — (19.59%), and Sagicor Pooled Equity Fund (15.55%). In July 2026, a US$10m convertible promissory note held by RBC Trust (Trinidad & Tobago) was converted into 10 million new Class B shares, raising total shares outstanding to 36,944,861 and giving RBC approximately 27% of the Class B share capital — now the largest single registered holder.

Who runs it

Mr. Gerard Borely stepped down as Director and Chairman effective January 31, 2020, and Mr. José Fernando Zúñiga Galindo was appointed Chairman of the Board of Directors effective February 1, 2020. The board as of the most recent filing also includes Alastair Dent, Lisl Bettina Lewis, and Guardian Nominees (Barbados) Limited as a corporate director.

In September 2024, the company reinforced its corporate governance by appointing an additional independent director as part of its strategic reorganisation.

No separate CEO is named: MPCCEL is externally managed, with MPC Capital AG’s Hamburg team providing investment management — a standard structure for listed fund vehicles of this kind. No CFO is disclosed in available sources.

The money, in plain words

MPCCEL is not a power utility with electricity bills flowing in; it is a listed fund that holds equity stakes in power plants and earns money when those plants pay dividends or rise in value. That means conventional revenue and net-margin ratios do not apply — the number to watch is the cash generated by the underlying assets (EBITDA at the project level) and the cash actually distributed up to MPCCEL.

Annual operating expenses at the MPCCEL holding level doubled from US$247,315 to US$580,855 during 2024 after it completed the reorganisation of its renewable energy investments onto its own books.

By September 2025, MPCCEL’s asset base had grown 16% over nine months to US$31.60m, with renewable energy investments valued at US$25.67m and a cash balance of US$5.36m — the latter boosted by the sale of its Eight Rivers solar park investment in March 2025. MPCCEL paid its only dividend — US$0.089 per share totalling US$1.93m — in September 2019, eight months after listing.

A further distribution, from the April 2025 Paradise Park sale, was being planned as of mid-2025.

What it is doing now

In April 2025, MPCCEL completed the sale of its 35% stake in Paradise Park — Jamaica’s largest solar facility, at 51 MWp — to InterEnergy Group, receiving US$5.87m in proceeds. The company stated it intends to pay out up to 100% of the remaining proceeds as a dividend after setting aside a liquidity reserve for expenses and contingencies.

Through the first nine months of 2025, portfolio-level operating cash earnings (EBITDA) grew 5% to US$5.98m, with Tilawind in Costa Rica undergoing blade repairs and Monte Plata in the Dominican Republic facing curtailment, while San Isidro in El Salvador outperformed budget by 20%. A major upgrade at Paradise Park’s replacement asset is replacing 10.5 MW of existing PV modules with 14.2 MW of new equipment, expected to add ~8 GWh of additional energy annually.

What to watch

• RBC dilution: The July 2026 conversion of the US$10m promissory note into 10m new Class B shares increased total shares by 37%, with RBC now holding ~27% — existing shareholders’ stakes were automatically reduced.
• Dividend delivery: The promised distribution from the Paradise Park sale proceeds has not yet appeared in confirmed payout data; execution and timing are the key near-term test of management credibility.
• Fair-value swings: Because MPCCEL carries its stakes at market value, its reported profit or loss in any quarter can swing dramatically on accounting estimates rather than actual cash — a feature, not a bug, of the fund structure, but one that makes the headline numbers look volatile.
• Portfolio concentration: With remaining projects in the Dominican Republic, Costa Rica, and El Salvador, the company is increasingly Central America-focused after the Jamaica exit. Any single project’s underperformance has an outsized effect on the whole.

This is news, not investment advice.