Durrant Pate/Contributor 

Jamaican-based clean energy company, Innovative Energy Group (IEG) has secured J$600 million in new contracts via competitive tenders, as of March this year.

The company, which is also involved in engineering, construction, real estate and other sustainable and profitable activities, is slated to execute on these new projects within the next fiscal year. In addition, previously delayed major projects with an initial contract value of J$1.4 billion have been remobilized with targeted completion within the next fiscal year. 

The management is reporting that its unique “Crowd-Outside-Sales Team” continues to consistently deliver positive results, expanding market reach, especially in the residential business segment. 

With these projects and initiatives coming to fruition, “the management expects a material increase in revenue recognition and cash collections over the next 12 months as mobilisation and milestone billings convert backlog into collections. We expect that margins will recover as execution stabilises and one-off cost impacts subside.”

In the near term, liquidity remains a priority, but the remobilised backlog projects and recent awards place the company on a positive trajectory.

February 2026 quarterly highlights

IEG has just released its February quarterly highlights, which shows a turnaround in Shareholders’ Equity, which has grown from J$91.87 million in Q3 of 2025 to a robust J$1.02 billion for the quarter ended February 28, 2026. “Current Liabilities” shrank from J$1.46 billion to J$311.53 million. 

However, revenues for Q3 of 2026 contracted to J$97.7 million, down from J$160.8 million in the prior year’s quarter, due to slower project execution following Hurricane Melissa in October 2025 and client-induced delays in two other major projects but revenues for the combined three quarters amounted to J$217.9 million, up from J$200.5 million in the prior year, representing a year-over-year increase of 8.6%. 

However, margin pressures from project phasing and timing of material purchases resulted in a loss of J$14.6 million for the current quarter, but operating and margin drivers improved on a nine-month basis. 

Restructuring loan portfolio

In order to give the company financial breathing space, the management successfully worked with its bankers to restructure several of its outstanding loans to ease the impact of lower revenues resulting from the hurricane.