The recently listed Innovative Energy Group is steadily building its pipeline of environmentally sustainable projects.

Chairman Noel Davy has revealed that the company has been “actively bidding” to complete a number of projects with a variety of companies, though he chose not to reveal their identities.  Innovative Energy Group provides residential, industrial, commercial and utility-grade renewable energy solutions as well as wastewater treatment services.

“But there is now a pipeline of US$30 million,” he said.   

Already the company has completed two phases of solar photovoltaic (PV) systems installation at the Montego Bay Airport in St James and is now in the process of completing the third phase with its international partner Huawei.

The chairman said the partnership with the Chinese-owned Huawei has opened doors for Innovative Energy Group in building out its pipeline.

“We’re currently working on a project with the Government—the Essex Valley Agricultural Developmental Project—with our partners Wigton Windfarm Limited to provide 3.7 megawatts in energy storage,” Davy outlined.

He is anticipating a deal to complete the second phase of solar PV installation at the Norman Manley International Airport in Kingston, having completed the first phase with the company.

“We [also] have the response to the Government’s [request for proposal], which is 100mW renewable energy. That particular project…will be fiercely competitive but we believe that we will equally competitive and hopefully we’ll be on the right side of that equation,” he noted.

With the projects underway and others to come, the Innovative Energy chairman said that shareholders can expect to see returns at the end of the financial year.

Innovative Energy Group was listed on the main market of the Jamaica Stock Exchange (JSE) in March after acquiring Ciboney through a special-purpose vehicle. Davy revealed that the entity is now in the process of amalgamating with Innovative Energy Company, which is the operational arm of the group.

In the meantime, the company has indicated plans to raise new capital through both equity and debt in different transactions.

Though Davy did not disclose a timeline for the capital raises, he shared that, “We lean on Barita Investments Limited to guide us in that regard.”

With regard to partnerships other than Huawei, the company has an exclusive distributorship finalised a year ago with SolaX Power

“With this new thrust we will be talking more about this particular strategic partnership with SolaX,” Davy stated.

While the company is known for its energy solutions, the chairman said it has the capacity for wastewater projects as well.

“We are looking at wastewater because [it] has a huge energy component and we are in that business, so we want to play in that business because sustainability is part of our thrust, he shared.