Wigton Energy Limited

What it is

Wigton owns and operates a 62.7 MW wind energy generating facility in Rose Hill, Manchester, Jamaica. The company began generating power in 2004 with a 20.7 MW plant, added 18 MW in 2010, and reached its current capacity with a 24 MW third phase commissioned in 2016.

Its sole buyer has historically been the Jamaica Public Service Company (JPS), the island’s monopoly electricity distributor. Aware of that single-customer risk, the company has been actively pushing into other parts of the renewable energy market to diversify its revenue streams.

Who owns it

Wigton was incorporated in April 2000 as a wholly owned government subsidiary, fully divested from the state in April 2019 through a stock-exchange listing, and now operates as a fully private company. At the IPO, 11 billion shares were offered to the public at J$0.50 each.

Today the largest single shareholder is Mayberry Jamaican Equities Limited (MJE), a fund affiliated with Mayberry Group Limited, with a 9.2% stake. Other notable shareholders include VM Building Society at 9.87% and the National Insurance Fund at 6.4%.

The remaining shares are widely held by retail and institutional investors, with no single controlling block.

Who runs it

Gary Barrow took over as CEO in May 2024, bringing over thirty years of experience in telecoms and electricity, including a stint as Chief Operating Officer at the Jamaica Public Service Company. Chief Financial Officer Shaun Treasure leads the finances.

Dan Theoc became Chairman of the Board in June 2025, succeeding Dennis Chung who resigned. Theoc is senior vice-president of investment banking at Mayberry Investments Limited.

The money, in plain words

Revenue fell roughly 10% to J$1.85 billion (US$11.81 million) in the financial year ending March 2025 — not because the business weakened, but because Hurricane Beryl disrupted power production for at least 60 days, with insurance covering about J$200 million of the loss. It keeps about 16 cents of profit from every Jamaican dollar of sales — a net profit margin of 16.4% (our calculation) — though that headline is distorted: the prior year’s net profit of J$839 million was inflated by a large tax credit not repeated in 2025, making the J$302.93 million (US$1.93 million) result look like a 64% collapse.

Total assets stand at J$9.67 billion, with shareholders’ equity of J$5.32 billion, giving a return on equity of 5.7% — modest, but expected to rise sharply once new solar capacity is built and earning. The company holds roughly J$3.1 billion in cash against J$2.96 billion in debt, a near-breakeven net cash position of about J$159 million (US$1.0 million, our calculation), while carrying market value at roughly 45 times annual earnings — a valuation that prices in the solar growth story, not today’s wind-only earnings.

What it is doing now

Wigton won a place in Jamaica’s 100 MW renewable energy tender, and will build a 49.83 MW solar facility in the parish of Clarendon. Its existing wind farm will also shrink from 62.7 MW to 42 MW as obsolete first-generation turbines at the Rose Hill site are converted to solar.

Together these two projects represent about 70 MW of new solar capacity.

The combined investment is estimated at J$10 billion (US$63.8 million), which Chairman Theoc says the company has positioned its balance sheet to execute within 24 months. The power purchase agreement with JPS has been completed and is now under review by the Office of Utilities Regulation.

What to watch

• Solar construction pace. “Building 70 megawatts of solar in two years is no small feat,” CEO Gary Barrow told shareholders — any delay in permits, financing, or contractors is the main execution risk.
• Debt refinancing. The company is evaluating debt maturities due in September 2026 and March 2027; how it rolls those over — especially given the large capital spend ahead — will set the cost of the solar buildout.
• Ownership concentration. Removing the 10% shareholder cap in 2024 set the stage for a single entity to seek effective control. Watch whether any shareholder crosses a dominant threshold.
• Revenue recovery. First-quarter FY2026 (April–June 2025) already showed revenue up 25% and profit up 56%, signalling the Beryl disruption effect is clearing and the underlying wind business is healthy.

This is news, not investment advice.