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SLV | Mar 4, 2021

MPC Caribbean Clean Energy closes acquisition of El Salvador solar park

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6.4 MW solar park started commercial operation on January 29

Renewable energy company, MPC Caribbean Clean Energy Limited has formally closed its acquisition of a solar park in El Salvador, still with no details being furnished about the sale price.

MPC Caribbean Clean Energy, which is a renewable energy investment company that is based in Barbados and listed on the Jamaica Stock Exchange (JSE) as well as the Trinidad and Tobago Stock Exchange, had announced the purchase of the solar park in a filing posted on the JSE website on December 24.

MPC Caribbean Clean Energy Fund LLC, the Investment Company of MPC Caribbean Clean Energy Limited, signed the acquisition of a 6.4 megawatt power solar park San Isidro in El Salvador on Tuesday (March 2). This brings to a closure the successful transaction, which was initiated back in December 2020.

Solar park recently started commercial operations

The solar park started its commercial operation on January 29 this year. MPC Caribbean Clean Energy Limited has stated that the San Isidro solar park will help to avoid an estimated 36,000 tons of CO2 emissions throughout its lifetime. MPC Caribbean Clean Energy Fund LLC (Fund) is the “Investment Company” in which MPC Caribbean Clean Energy Limited exclusively invests in renewable energy projects such as the San Isidro solar park.

In its filing back in December, MPC Caribbean Clean Energy Limited  reported that, “on December 22, 2020, MPC Caribbean Clean Energy Fund LLC, the Investment Company of MPC Caribbean Clean Energy Limited has signed the acquisition of the 6.4 MW power solar park, San Isidro in El Salvador”.

The renewable energy company is investing in significant growth potential in renewable energy projects in the Caribbean region, where these energy sources are increasingly becoming an economical form of new electricity generation. Last year MPC Caribbean Clean Energy invested some US$9.29 million in its investment arm, MPC Caribbean Clean Energy Fund LLC, which is domiciled in the Cayman Islands.

MPC Caribbean Clean Energy Fund focuses primarily on solar PV and wind projects, which are expected to account for between 80 per cent to 100 per cent of overall investment. The investment company was incorporated in 2017.

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